Real estate developer and investor Trammell Crow Co. (TCC) and its partners will develop a Class A mixed-use development in Alexandria, Va., featuring senior living and a medical office building.
The 383,000-square-foot project at 765 Carlyle St. will offer a 268,000-square-foot senior living residence including 215 units of independent and assisted housing and memory care, and a 115,000-square-foot medical building.
The buildings are to be constructed atop a common podium offering a blend of shopping and an integrated 440-space parking garage. Approximately 12,000 square feet of ground-floor retail will be available in the medical building’s footprint.
Earlier this month, a Trammell Crow joint venture sold the luxury property Alexan Earl in Arlington, Va.
Developed in partnership with JM Zell Partners and CBRE Global Investors, the project is situated in the affluent Carlyle neighborhood of Alexandria, which is a 20-minute drive to Washington, D.C., and a 15-minute drive to Ronald Reagan Washington National Airport. It will feature a development schedule calling for a construction start date in third quarter of 2022 and a completion date in the fourth quarter of 2024.
“We believe that Alexandria will benefit tremendously from recent moves by large users to the area,” Bill Brewer, TCC vice president, told Multi-Housing News. “Because of that, we have been actively pursuing sites throughout the city with a focus on Carlyle.”
“We believe that Carlyle’s existing mix of office and residential will create an attractive mixed-use environment that will support both the senior living residence and medical office components of our project,” he said.
TCC’s biggest challenge over the past 18 months has been pandemic-related obstacles, Brewer added.
“The collaboration and creativity of the capital team allowed us to come to terms on a complicated project and create significant efficiencies specific to the construction and capitalization of our parking podium, which ultimately allowed the project to be viable,” said Brewer.