CRYSTAL CITY, VA – JBG SMITH has submitted plans to Arlington County for 2.6 million square feet of redevelopment space at National Landing.
Situated a half a mile away from Amazon's new headquarters, the proposed plan encompasses five multifamily buildings and one office building, located at 2000 and 2001 South Bell Street, 223 23rd Street, 2300 Crystal Drive and 2525 Crystal Drive.
The submitted plan aligns with JBG SMITH's ongoing collaboration with Arlington County and private sector partners, to deliver a mix of new housing, retail, office and public spaces to National Landing, to meet the anticipated new housing demand and to moderate upward pressure on rents.
The firm's overall plan, encompassing 6.9 million square feet, is expected to be comprised of 2.2 million square feet of office space and 4.7 million square feet of residential space totaling 4,000 to 5,000 multifamily units. The proposed project additionally includes ground floor retail.
Aiming to create a vibrant, architecturally distinct environment, the firm's newly submitted redevelopment proposal is centered around the goals of Arlington County's Sector Plan. Reimagining the stretch along Crystal Drive and 23rd Street, the submission intends to provide community benefits to help achieve key Sector Plan objectives, such as public open space dedication, streetscape upgrades, improved pedestrian circulation, transportation upgrades and infrastructure enhancements.
The final benefits will be determined through a collaborative process with Arlington County. JBG SMITH expects to commence construction on the anticipated developments following approval of final entitlements, subject to preleasing and market conditions.
Along with 1900 Crystal Drive and RiverHouse Apartments, which are already moving through the entitlement process, the new projects constitute more than half of JBG SMITH's 6.9 million-square-foot future development pipeline at National Landing.
In addition to Amazon's HQ2 project, JBG SMITH has broken ground on Central District Retail, a 109,000-square-foot entertainment and shopping destination. The firm's 1900 Crystal Drive project is expected to commence construction next year, encompassing two residential towers with shops and green spaces. The two projects are expected to deliver nearly 150,000 square feet of street-level retail, featuring an Alamo Drafthouse Cinema, a specialty grocer, restaurants, bars and other offerings.
As the exclusive developer for Amazon's new headquarters, JBG SMITH is additionally serving as the master developer for the new Virginia Tech Innovation Campus, also at National Landing.
In addition to the firm's 6.9 million square feet of development opportunity space, excluding Amazon's land purchase, JBG SMITH currently owns 2,850 units of existing multifamily space, as well as 6.2 million square feet of existing office space in the area.
National Landing is the newly declared interconnected neighborhood in Crystal City, VA, encompassing the eastern portion of Pentagon City and the northern portion of Potomac Yard. Located across the Potomac River from Washington DC, near the Reagan National Airport, the walkable neighborhood features offices, apartments and hotels.
JBG SMITH is an owner, operator, investor and developer of mixed-use properties within the Washington DC market. The firm currently controls a diverse portfolio comprised of 20.6 million square feet of office, multifamily and retail assets. Additionally, the firm maintains a future pipeline of mixed-use development opportunities totaling 18.7 million square feet.
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don't miss out on joining the 1000+ of the industry's top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.