JV Plans New Anchor for Falls Church Arts District
- Jul 08, 2015
A group of developers plans to construct a new mixed-use development in Falls Church City, with an aim of creating a residential and commercial anchor for the city’s arts and cultural district.
This week, Broad & Washington LLC, a joint venture between Arlington-based Insight Property Group and Reston’s Kiddar Metz, filed an application with the city of Falls Church to redevelop its recently acquired downtown site. The three-acre property is currently home to a commercial office building, an Applebee’s restaurant and a medical office building. It encompasses 100 N. Washington St., 127 E. Broad St. and 130 E. Broad St.
The joint venture plans to transform the site into a “walkable and bike-friendly mixed-use setting.” It intends to construct more than 100,000 square feet of commercial space, including a grocery anchor, 36,000 square feet of office space, restaurants and retail stores. There will also be 324 apartments for young professionals, Millennials and empty nesters, as well as a four-level, underground parking garage.
The developers did not reveal how much they plan to invest in the project. However, Todd Hitt, president & CEO of Kiddar Metz, said in a news release that “this mix of space will yield a net fiscal surplus of $3.3 million each year and over $60 million in the next 20 years.” The project is also expected to create more than 200 full-time jobs.
Photo credit: Insight Property Group