DC-based Penzance was set to develop the one-story building at 4000 North Fairfax Drive in Ballston (above), home to the popular bar Carpool, but now it looks like it will pass the baton.
After receiving approval to build a 22-story apartment building on the site, Penzance, with its partner, Lionstone Investments, is looking to sell the property, the Washington Business Journal reports.
The JV team has retained MAC Realty Advisors to market the property. The site, now approved for up to 330 units with ground-floor retail, is worth $27.2M, according to land records.
In 2014, Penzance bought the adjacent Webb Building at 4040 North Fairfax Drive for $56.2M with plans for another 22-story, 362-unit residential building. Now with the first site up for sale, the fate of its neighboring building remains unclear. [WBJ]
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