Work Starts on Office-to-Apartment Conversion in Virginia
- Nov 04, 2020
Lowe and USAA Real Estate have started work on the conversion of two office buildings southwest of Washington, D.C., into an apartment community that will deliver 435 units. The transformation of the 14-story buildings in Alexandria, Va., dubbed Park + Ford, is expected to be complete in 2021.
Located at 3101 Park Center Drive and 4401 Ford Ave., the towers form part of the Park Center complex, which includes a third office building at 4300 King St. That 115,000-square-foot building will remain an office property, which Lowe will continue to manage through its property management affiliate, Hospitality at Work.
The new apartments will come in studio, one- and two-bedroom units equipped with modern fixtures and appliances. The developers noted in a statement that the floorplates and high ceilings of the former office building will allow for the creation of comfortable spaces with abundant natural light. Amenities of the property will include indoor and outdoor common areas for socializing or working.
Park Center sits at the intersection of Interstate 395 and King Street (Route 7), giving residents quick access to the nation’s capital, the Pentagon and northern Virginia’s National Landing district. The future mixed-use property is also located a mile to the west of The Village at Shirlington, a large shopping center, and houses a 55,000 SF X-Sport Fitness club in the remaining office building.
Neighboring Park Center at 3001 Park Center Drive, Alexandria Housing Development Corp. acquired a 326-unit apartment community formerly known as Avana Alexandria Apartments for $106 million in February.
USAA Real Estate partnered with Hines and Capitol Broadcasting Co. this past July to develop ATC West, a 700,000-square-foot mixed-use project in downtown Durham, N.C., that will include a 350-unit residential building. The company also has multifamily investments in Bellevue, Wash., San Francisco and San Jose, Calif.
Lowe and USAA Real Estate previously worked together to develop the National Science Foundation Headquarters building in Alexandria, which was completed in 2017.