MRP/Rockpoint Reveal $600M NoVa MXD

ALEXANDRIA, VA-MRP Realty and Boston-based Rockpoint Group have just closed on 17 acres in the Potomac Yard section of the Alexandria submarket. The $70-million transaction is the first step to realizing the firms’ plans to develop a $600-million mixed-use project here.

Called the Potomac Yard Town Center, the ambitious project calls for the development of 800,000 sf of office space, 625 hotel rooms, 414 residential units, and 80,000 sf of retail space anchored by a 1.25-acre town green. Gensler is serving as master planner and architect for the office and retail components while SK&I is designing the residential space. MRP Realty is the operating partner in this venture; Rockpoint is the equity partner.

MRP Realty principal and co-founder Ryan Wade tells GlobeSt.com that the companies are designing the office component–which will be between six to eight buildings–to accommodate the needs of associations and industry groups, the typical corporate user in Alexandria. “So we are building smaller buildings that such a group might want to purchase.”