LCOR Lands $100.3M Construction Loan for TOD Project
- Jan 15, 2016
Arlington, Va.—Fully integrated real estate company LCOR is ready to start development on The Altaire in Crystal City, Va., thanks to a $100.3 million construction loan from Wells Fargo. LCOR plans to turn the nearly 1.8-acre land into a transit-oriented development, with construction beginning January 2016 and slated for completion in the second quarter of 2018.
“LCOR is excited to start construction on The Altaire, which will be a great compliment to the burgeoning neighborhood connecting both Pentagon City and Crystal City, especially with the arrival of Whole Foods,” said Harmar Thompson, senior vice president of LCOR. “We are focused on providing a dynamic, LEED Gold multifamily development with distinctive architecture that will be an enduring complement to the community.
Located at 400 Army Drive, the site was previously a major naval office building. LCOR acquired the property from Lerner Enterprises in late 2012 for $39 million, according to Washington Business Journal.
The Altaire will be a 20-story development offering views of D.C.’s Monumental Core and the Potomac River. The first tower will include 150 luxury rental units and the second tower will offer 300 high-end rental units. Both buildings will have floor-to-ceiling glass facades and several balconies overlooking the District.
SK & I is the architect, Balfour Beatty is the general contractor and Akseizer Design Group is the interior designer for the project. The Altaire is slated for LEED Gold certification, with state-of-the-art technology and the latest energy-efficient mechanical systems.
Amenities will include a landscaped courtyard, outdoor pool area with fire pits, fitness center, club room and sky lounge. Both buildings will also have rooftop terraces. Residents will also have easy access to the Metro and a new Whole Foods as well as 175 retailers, 80 restaurants and 15 hotels.