Fresh off the news of its merger with New York REIT falling apart, The JBG Cos is reducing the size of its upcoming Beauregard Town Center project in Alexandria.
The initial plan of a 24-acre development with 1,150 residential units, submitted in 2014, has been pared down to under 17 acres and 573 units, the Washington Business Journal reports.
The developer is also reducing the retail footprint from 150k SF to 109k SF. It will still be anchored by a grocery store.
The site is currently home to 2,600 mostly low-income apartments. JBG has said it will find space for the displaced residents and pay them a moving allowance. [WBJ]
