New JV Paves Way for Mixed-Use Waterview Development

ARLINGTON, VA-A new partnership is about to take a project from the drawing board to the construction phase. The JBG Cos. and Trizec Properties have brought CIM Group into a joint venture for the development of Waterview, a 625,000-sf mixed-use project in the Rosslyn submarket of Arlington. Upon completion, Waterview will feature two 24-story towers; one housing 625,000 sf of class A office space, and another containing a 154-room upscale boutique hotel and a 183-unit condominium segment.

Conception of Waterview dates back almost a decade; but for those involved, timing is everything and now is the right time to move full steam ahead. JBG and Trizec had been involved with the project before CIM joined the party, presenting the extra capital to propel the development forward. Additionally, market conditions are more favorable now.

“There was a perception that Downtown Washington, DC tenants weren’t willing to cross river and go into Virginia,” JBG Cos. managing partner Brian Coulter tells GlobeSt.com. “But we are building a world-class office building that just happens to not be in the CBD. That was one of the challenges before. The market has changed and tenants are more receptive–and there are fewer options in DC. We have always maintained that Rosslyn is essentially an extension of the CBD”