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Vornado's Steve Roth: 'Washington Co.' Will Be Well Capitalized

Either as a separate company or under Vornado, plans to develop more than 2,600 units in Pentagon City and another 3,000 units in Crystal City will go forward, CEO Steve Roth says.

By Erika Morphy | erikamorphy | | Updated on August 11, 2016
Vornado's planned apartment building at Metropolitan Park Vornado’s planned apartment building at Metropolitan Park
 

WASHINGTON, DC-A spin off or separation of New York City-based Vornado Realty Trust‘s Washington DC assets is still very much on the table for the REIT,  CEO Steve Roth said during the REIT’s latest earnings call. That company, ‘Washington Co.’ will be well-capitalized to continued Vornado’s development plans for Crystal City and Pentagon City.

The REIT plans to develop more than 2,600 units in Pentagon City in addition to the ones it already has. It will also develop another 3,000 units in Crystal City. In the immediate term, it plans to develop 577 unit next to Bartlett. Last month the Arlington County Board approved Vornado Realty’s site plan for a new apartment building within the Metropolitan Park development in Pentagon City called Metropolitan Park Central Park.  Ground will break early next year.

After that, the sky is the limit, it seems, based on Roth’s comments during the earnings call. “We want to get as many of those Bartlett buildings, we want to build the next one immediately, the one after that quickly, and more and more and more.”

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