StonebridgeCarras Closes On Land For Hoffman Town Center Project, Plans Early 2019 Groundbreaking
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StonebridgeCarras, in partnership with Creek Lane Capital and an institutional investor advised by MetLife, announced Wednesday it closed on the acquisition of Hoffman Town Center blocks four and five, where it plans to build a 1M SF development. The developer did not disclose the sale price, but said the full project is expected to cost $350M.
The development team received final approval from Alexandria in March for the development, which will include 750 residential units, an 84K SF Wegmans grocery store on the second level and 130K SF of additional retail. The JV expects to break ground in early 2019 and will deliver the first components in fall 2021.
"When we first studied the potential of this site, we felt it offered a rare opportunity to create one of the most dynamic mixed-use environments in the Washington area," StonebridgeCarras principal Doug Firstenberg said in a release. "Bringing Wegmans, the region's best retailer, to the project on the second level confirmed how the site's proximity to employment, housing, Metro and tremendous access to the Capital Beltway made it truly unique."
The project sits near the intersection of the Beltway and Telegraph Road, just north of the Eisenhower Avenue Metro station. Also in the Hoffman Town Center complex, the National Science Foundation recently moved into its new headquarters and Perseus TDC is working on converting a vacant office building into 520 apartments.