$71M Condo Project Prepares to Make its Way to Market

ARLINGTON, VA-Late next year, locals will have a new residential option in the area, now that construction has begun on the Odyssey Condominium. The luxury property will feature 320 residential units for sale upon its scheduled completion during the fourth quarter of 2005. Monument Realty is behind the development, which will cost an estimated $71 million to complete. Corus Bankshares Inc. subsidiary Corus Bank provided a construction financing loan in the aforementioned amount for the developer earlier this year. Donohoe Construction Co. is handing the construciton activities.

Carrying the address of 2001 N. 15th in the Courthouse submarket of the Rosslyn-Ballston Corridor, the Odyssey will tower 15 stories from its perch atop a strategically located hill that offers expansive views of the Potomac River and Washington, DC. In addition to its residences, which will include 10 townhouses, the property will offer approximately 6,500 sf of street-level retail space, and an underground parking garage for up to 350 vehicles. The state-of-the-art structure, designed by architectural firm Shalom Baranes Associates, will also feature such property amenities as a fitness facility, multipurpose room and a swimming pool.