A new massive residential three-tower luxury project has been proposed for Rosslyn, Virginia.

Penzance and its partner The Baupost Group submitted a proposal for the 900,000-square-foot site, called One Rosslyn, to Arlington County.

The design by STUDIOS Architecture and Hickok Cole, aims to appeal to tenants by infusing a "distinct color and a sense of warmth and variation," according to a statement by Penzance. The trio of luxury towers are surrounded by a private landscape terrace, which measures 30,000 square feet and overlooks Gateway Park. Tenants will get views of Washington D.C.

More amenities for One Rosslyn are expected with the planned site including commercial hubs and green spaces. Within proximity to the site is Georgetown, three metro lines, the National Mall, the Kennedy Center, George Washington University, and multiple parks. Plus, One Rosslyn is expected to provide "convenience with unparalleled access" to the area's top destinations, according to Penzance.

"One Rosslyn is one of the most exciting development opportunities in the entire region. Over the years, we've made significant contributions to Arlington with projects like The Highlands and 3001 & 3003 Washington Blvd in Clarendon and we are continuing to invest in the area through projects like One Rosslyn," said John Kusturiss, partner at Penzance.

"Our commitment to 'leave everything better than we found it' drives every project we tackle; One Rosslyn will be no exception as we enhance Rosslyn's urban vista, deliver additional housing, and strengthen the neighborhood's walkability and amenities."

Assuming all goes well in the review process, the development could break the ground in late 2026.

While multifamily landlords have faced headwinds this year with excess supply – Washington D.C. wasn't one of those areas overbuilt during the last cycle, according to Berkadia's quarterly CRE market update for October. Washington D.C. was only behind Phoenix, Dallas, Los Angeles, and New York City for the largest shares of second-quarter transaction volumes.

In total, Penzance has managed $3.9 billion of gross asset value.