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Construction has begun on a major conversion project to turn a vacant Alexandria office building into 520 apartments with 25K SF of ground-floor retail.
Perseus TDC, an affiliate of Transwestern Development Co. that formed in October, is partnering with Four Points to convert the vacant office building, formerly leased by the General Services Administration, at 200 Stovall St.
The team expects to deliver the first units in Q4 2019. The building will include 50 studios, 292 one-bedroom units and 178 two-bedroom units. Its amenities will include a three-story fitness area, a sports bar, a co-working lounge and over 10K SF of rooftop space with a pool, a lounge, a fireplace and a dining area.
“This property will bring an immediate vibrancy to what was previously a vacated government office building and provide tenants with an inclusive live-work-play lifestyle," Perseus TDC Executive Vice President Adam Peters said in a release. "The mix of healthy employment opportunities, amenity-rich environments, proximity to supermarkets and access to metro stations has proven to be a strong driver of residential demand in the marketplace.”
The building sits across from the Eisenhower Metro Station at the interchange of The Beltway and Telegraph Road. It is part of Hoffman Town Center, where StonebridgeCarras plans to break ground next year on a 1M SF mixed-use development anchored by a Wegmans.
Projects converting vacant office buildings to other uses have become a common occurence in Alexandria, with at least two such conversions happening in Old Town. The city has been a regional leader in the trend that aims to alleviate office vacancy and create more vibrant neighborhoods, with Alexandria officials and economic development officials actively working to support conversion projects.
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