Penzance celebrated the groundbreaking Wednesday of its three-building, mixed-use development in Western Rosslyn and announced its anchor retail tenant.
Vida Fitness signed a 15-year lease for 27K SF of the development's ground-floor retail space at the 1555 Wilson Blvd. project, a Penzance spokesperson said. Vida Fitness founder David Von Storch was on hand at the groundbreaking to celebrate with the development team.
The developer also unveiled the branding for the development, which it is calling The Highlands. The project, which sits atop the steep hill on which Rosslyn is built will be composed of three residential towers: Pierce, Aubrey and Evo.
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The 26-story Pierce tower will consist of 104 condo units. The 23-story Aubrey building will feature 331 apartments ranging from studios to three-bedroom units. The 27-story Evo tower will have 449 apartments, also ranging from studios to three bedrooms. The Vida Fitness will be used as amenity space for the residents of the Evo building and will be open to the public.
The building has a total of 50K SF of amenity space and 40K SF of retail space. It has also signed CVS, and it has 4,300 SF of available retail remaining. Additionally, the development will include a new facility for Arlington Fire Station No. 10, which it moved temporarily during construction.
Penzance secured a $290M loan in August to allow it to begin work on the site. The company closed its first real estate private equity fund last week with $255M raised, some of which it is putting into the Western Rosslyn project. It expects the development to deliver in 2021.
The deal represents the second planned location outside of the District for Vida Fitness, which has locations in Mount Vernon Triangle, Chinatown, Logan Circle, U Street and Capitol Riverfront. The company will open its first Arlington location in a 30K SF space in the final phase of Shooshan Cos.' Liberty Center complex in Ballston, expected to deliver in Q2 2020.
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