Arlington-based Red Fox Development Co. is planning a new 767-unit residential and retail project near Alexandria’s Eisenhower Avenue Metro station.
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If the proposed development at 2425 Mill Road reaches the developer’s 350-foot vision, it would be the tallest building in the city, according to the Washington Business Journal, which first reported the plans.
In addition to the residential units, the development would include 40K SF of retail and 900 parking spaces, Red Fox Development Co. founder Adam Peters told Bisnow.
The development site is across the street from JBG Smith’s The Foundry at Carlyle, which opened in 2019, and Stonebridge’s 1M SF Wegmans-anchored Carlyle Crossing mixed-use project.
“The success of that submarket has just been tremendous over the past five years,” Peters said.
He pointed to the Wegmans, which opened in May 2022, and the new Atlas Brew Works that opened last summer as examples of its recent growth. He cited the proximity to transit as evidence of its potential.
“We just think it's a very strong market, and it's going to continue to grow over the next five or 10 years,” he said.
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Red Fox aims to complete the project in 2030. Peters said his goal is to get approvals completed by the end of this year and start construction in January 2027.
Red Fox is under contract to purchase the land from the Hoffman family, Peters said. The search for construction financing hasn't begun. The developer is working with retail broker H&R Retail and architect Cooper Carry.
The site is less than a mile from the U.S. Patent and Trademark Office’s headquarters, which shrunk substantially under a lease renewal that went into effect last year. The agency gave back two of its five buildings at the campus, reducing its footprint from 2.4M SF to 1.6M SF.
Since President Donald Trump took office and initiated huge cuts to the federal workforce, investors and developers have begun showing hesitation toward residential development in the greater D.C. region, Bisnow reported last week.
Peters said he still believes in the long-term success of the region.
“We take a long-term view of this overall D.C. market and have seen very strong employment growth all around the D.C. market, especially in Northern Virginia,” he said. “And we're firm believers that over time, that's going to continue, even if there is a short-term downturn due to some government efficiency. We think, long-term, this whole market is going to continue to improve.”
Peters founded Red Fox in 2022 after working for local development firms JBG Smith, Peterson Cos., Vornado/Charles E. Smith and Perseus TDC. The company has three other projects in Virginia and South Carolina, Peters said, though he declined to give further details.
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