(Read more on the multifamily market.)
ARLINGTON, VA-Woodfield Investments has begun demolition of a shuttered Safeway building on 1.5 acres at 2301 Columbia Pike to make way for development of the Siena Park mixed-use development. Siena Park will contain 188 rental residential units, 32,000 sf of ground-floor retail and 14,000 sf of office space on the second level.
Margaret Smith Ford, a Woodfield principal, tells GlobeSt.com the estimated construction cost is $88 million, and it is expected to reach completion in late 2009. The Safeway closed in March 2005, and Woodfield acquired the property for $12 million in December 2006.
Ford says the one- and two-bedroom rental units will range between 700 sf and 1,200 sf. The rent rates will begin at $1,700 a month and reach to $2,500 a month, she says. The retail component is designed to accommodate restaurants and service tenants.
This stretch of Columbia Pike is currently undergoing revitalization spurred by a code, developed by Arlington County to expedite approvals for projects in the area that meet certain guidelines. The Siena Park site is near the Pentagon and I-395.
Ford is located in Woodfield's Chevy Chase office. It also has offices in Raleigh and Charlotte, NC. It was founded by Greg Bonifield and Mike Underwood, who, like Ford, were formerly with Charlotte, NC-based Summit Properties Inc. They founded Woodfield after Houston-based Camden Property Trust acquired Summit in 2005. Ford says Woodfield has $200 million in construction under way, including 1,500 apartment units in the Carolinas and Greater Washington, DC area.
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