Penzance Launches Virginia Development
This 900,000-square-foot project could break ground by 2026.
Mid-Atlantic owner, operator and developer Penzance has begun its new project, One Rosslyn, in Arlington, Va. Located near the Rosslyn Metro Station along the Rosslyn skyline, the project could break ground as soon as late 2026.
“One Rosslyn is a landmark project with three luxury towers that will redefine the Rosslyn skyline—it’s a monumental development that will encompass over 900,000 square feet and be defined by exceptional design, world-class amenities and neighborhood-serving retail,” John Kusturiss, partner at Penzance, told Multi-Housing News.
Two of the three towers will be rentals. One will be a 30-story building featuring 461 residential units while the other will stand at 27 stories with 319 apartments. The final tower will be 82 for-sale condos. The project is on a 30,000-square-foot private landscaped terrace.
The property will provide views of Washington, D.C., with Georgetown, the Kennedy Center and the National Mall easily accessible. Downtown Arlington is less than 3 miles from the site. Washington, D.C., is also approximately a 3-mile driving distance.
Penzance acquired Rosslyn Gateway in November 2023 for $52 million from JBG Smith. The mixed-use asset at 1901 and 1911 North Fort Myer Dr. comprised a total square footage of 255,000 with a sale price of $204 per square foot.
Penzance’s Cristopher White, representing Penzance, closed the deal for the two-tower office complex with Matt Kelly from JBG Smith.
Previously, Penzance has been active in the Rosslyn area. The company developed a 29-story, 455-unit community, The Highlands, in the western area of the neighborhood. Similarly, the project was made up of three towers with the third made up of for-sale condominiums. The community was purchased in 2022 by Cortland.
