JBG Teams with STRS Ohio on Arlington County Mixed-Use Development
- Feb 06, 2014
Rosslyn, Va.—The JBG Companies has entered into a joint venture partnership with the State Teachers Retirement System of Ohio to develop Central Place, a 31-story, mixed-use development in Roslyn, Va.
“Central Place is the most anticipated trophy project in the D.C. area and will act as the centerpiece to the booming Rosslyn market,” Andrew VanHorn, senior vice president at The JBG Cos., tells MHN. “Often considered D.C.’s ‘skyline’ and touted as the ‘Manhattan on the Potomac,’ Rosslyn is home to 8.1 million square feet of office space, 567,122 square feet of retail space, 6,365 housing units and 2,207 hotel rooms.”
Located between North Lynn and North Moore streets in Arlington County, adjacent to the Rosslyn Metro station, the mixed-use development will feature 377 residences, 25,230 square feet of retail space and a 15,000-square-foot public plaza.
According to VanHorn, The JBG Cos. invests almost exclusively in urban-infill, transit-oriented developments, and holds a diverse portfolio that encompasses over 23.6 million square feet of office, residential, hotel and retail space.
“Having deep experience across all product types enables us to diversify our investments, take advantage of market opportunities and mitigate risk through market cycles,” he adds. “We apply skill, experience and rigor to creating and preserving outstanding value for our investors.”
Due to its desirable location, Rosslyn has not only boasted the highest rents in Virginia, but has consistently competed strongly with downtown Washington D.C. for top-tier residential tenants. At 355 feet tall, Central Place promises to reinvent the skyline of Rosslyn.
“It will be visible from miles around and a landmark to air travelers as they pass above while landing at Reagan National Airport,” VanHorn says. “Additionally, its core location, directly on top of Rosslyn Metro and with fantastic access to D.C., the Rosslyn-Ballston Corridor and Virginia provides added appeal.”
Site preparation work is underway, and construction is expected to begin in earnest in a few months.
“Transit-oriented communities deliver higher quality of life for their residents while being more environmentally and financially sustainable,” VanHorn adds. “In line with JBG’s investment strategy of partnering with world class partners, JBG is delighted to have a partner who shares our vision for high quality, mixed-use real estate investment and development.”