Weingarten Acquires Land for $160M DC-Area Development
- Nov 16, 2016
Alexandria, Va.—Weingarten Realty announced the acquisition of 5.2 acres of land that will be the site of the mixed-use The Gateway Alexandria. Located at the corner of King and North Beauregard streets, the property will include 352 rental units, 74 of which will be affordable, 110,000 square feet of retail anchored by Harris Teeter, 87,000 square feet of office space and below-grade parking with 820 spaces.
The project will be a transit-oriented development located 6 miles from the Capital Beltway, 5 miles from downtown D.C, 4 miles from Old Town Alexandria and 4 miles from the Pentagon.
Weingarten’s net investment at completion is estimated to be $160 million and will include ownership of retail, 275 luxury residences and 23,000 square feet of office space.
Upon completion, the site will be served via a new Bus Rapid Transit station that will connect the Pentagon Metro station to the Van Dorn Street station with designated stops at key intersections including Gateway. The development will also provide easy access to the Metrobus and Dash Bus system.
Image courtesy of Weingarten Realty