Alexandria Site Across From Victory Center Being Marketed For Development
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Brokerage firm ARA is marketing the Atlantic Self Storage facility across the street from Victory Center as a potential development opportunity, the Washington Business Journal reports.
The broker is using the potential TSA HQ across the street as a selling point, though that is not yet a done deal. The agency had signed a 655k SF lease at Prudential Real Estate Investors' Eisenhower Avenue building last August, but a judge voided that lease after Boston Properties protested the deal. The GSA this summer began accepting new bids for the TSA HQ and delayed the agency's move until 2020.
The addition of the 3,400-employee agency would boost the western portion of Eisenhower Avenue, which already has a robust development pipeline on its eastern end. This would create plenty of new housing demand that would make the storage facility site at 4900 Eisenhower Ave a smart multifamily development play. The property, assessed around $4.6M, is zoned for commercial office and includes an 81k SF warehouse. [WBJ]