WOODBRIDGE, VA – The IDI Group Companies and Boosalis Properties are developing a $380 million mixed-use development in North Woodbridge, VA.
Comprising more than 900 apartment units and 160,000 square feet of retail, the city's new town center will be constructed throughout multiple phases over the next five to ten years.
The Washington DC-area project will feature various national and local retail tenants; offering restaurants, bars, grocery stores and amenities.
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Approved last year, the region's Small Area Plan includes the North Woodbridge town center and several other surrounding land parcels, as a part of designated high-density market.
The IDI Group Companies and Boosalis Properties have worked closely with Prince William County to secure an Economic Development Fund to acquire adjacent land parcels.
Located on the corner of Rte. 1 and Occoquan Rd., near the VRE/Amtrak Station, the town center will offer direct transit options to Washington DC and Amazon's HQ2.
The revitalization project will soon commence, upon the completion of the prolonged construction and expansion of Rte. 1.
"We're eager to bring this exciting development to North Woodbridge," states George Boosalis, president of Boosalis Properties. "I have seen the transformation of this area since I was a kid, and it seems like this is the natural next step. We appreciate all the support from the community, the county, and the board of supervisors."
"This key redevelopment project lays the foundation for long-term economic resiliency and will be a catalyst for the emergence of North Woodbridge into a vibrant mixed-use neighborhood," states Christina Winn, executive director of the Prince William County department of economic development. "This investment in the new town center will drive further economic growth, attract new businesses, and create new jobs throughout the area. We're already seeing the momentum as more businesses and investors are interested in North Woodbridge and eastern Prince William County because they recognize the area as the next new emerging market due to its strategic location, transportation network and expansive water views."
"IDI spearheaded redevelopment efforts in Woodbridge with Rivergate, our signature riverfront community consisting of 720 luxury apartments in two buildings," says Carlos Cecchi, managing director of the IDI Group Companies. "We're thrilled to participate in this next major project in North Woodbridge's new town center."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
