Rosslyn Development Over I-66 Put On Hold
The Virginia Department of Transportation and Arlington have decided not to pursue air rights at this time, but are leaving the possibility open for future discussion, the Washington Business Journal reports.
The RFI got 11 responses from developers, many of whom were optimistic it could be successful eventually, but one owner—a subsidiary of NYC-based The Paramount Group—protested that it would reduce the value of its building, Waterview, at 1919 North Lynn St, due to physical and visual impacts.
An extensive review released last year by Goody Clancy found that building over I-66 would be an expensive, challenging and long-term prospect, but could support roughly 2.5M SF of mixed-use development. It concluded that Arlington doesn't have the money to support it now and it would divert investment from Rosslyn's core, though it could be an important project in the future to push Arlington's growth to new heights.
The idea is similar to the deck built over I-395 in DC so Property Group Partners could build Capitol Crossing, a $1.3B project under construction. Another air-rights development is in the works at Union Station, where Akridge plans to build the $8.5B Burnham Place over the station's rail yard. [WBJ]