FORTIS Breaks Ground on Condos Near Amazon HQ2
- Oct 28, 2020
Groundbreaking has taken place in Alexandria, Va., on a 138-unit luxury condominium project, Dylan, from The FORTIS Cos. The condominiums are located minutes from the new Northern Virginia Amazon HQ2 complex, and near the Virginia Tech Innovation Campus. The planned 2022 delivery coincides with the opening of the new Potomac Yard Metro Station, situated a five-minute walk from Dylan’s front door.
Dylan will offer one- to three-bedroom condominiums averaging 1,200 square feet in size. The residences will bear price tags ranging from the $600,000s to more than $1 million. A few blocks from Dylan, the North Potomac Yard is undergoing a massive redevelopment that will yield 1.9 million square feet of new mixed-use space, including the billion-dollar innovation campus of Virginia Tech. FORTIS acquired Dylan’s 1.2-acre site at 2551 Main Line Blvd. from Pulte Homes in 2019. The company retained the entitled footprint for twin six-story buildings, but entirely redesigned the development’s interior space and amenities.
“The timing and location for Dylan really could not be any better,” Matt Bunch, FORTIS vice president, told Multi-Housing News. “We are seeing strong demand today for affordable luxury in the for-sale condo market, and Dylan is uniquely positioned to target multiple buyer profiles at more reasonable price points compared to existing competition.”
Residences at Dylan will feature hardwood floors, large kitchens with waterfall islands, Bosch appliances, premium Porcelanosa cabinetry and wine storage. Common-area amenities include landscaped outdoor green spaces featuring benches and picnic areas.
“We purchased the property in December 2019, and broke ground with our construction team in October 2020, and within that relatively short amount of time we needed to completely redesign the buildings’ interiors to better meet the needs of our target consumers,” Bunch said, adding the company ensured 75 percent of the floorplans will provide dens as an option for residents working from home, and 85 percent of units will offer private balconies to provide relaxing outdoor retreats within each floor plan.
The new development’s location will give future residents convenient access to Ronald Reagan Washington National Airport, as well as Old Town Alexandria’s restaurants and retail establishments and the 18-mile Mount Vernon Trail. The 21-acre Potomac Yard Park sits directly next door to Dylan, offering rock climbing, ziplining, harness swings and more.
Last month, CIM Group acquired an Alexandria, Va., five-building multifamily property called Southern Towers for $506 million.