Suburban D.C. Mixed-Use Project Gets Green Light
- Jun 26, 2008
Plans for the development of Monument View, a mixed-use project in Arlington, Va., have cleared a major hurdle now that the Arlington County Board has given developers MR Boundary Channel L.L.C. and Monument Realty L.L.C. the go-ahead to take the next step toward realizing the project. “Now the ball is in Monument’s court,” a spokesperson for Arlington County told CPN today. “This was the final permission they had to attain. Essentially, we’ve signed off on it.” Along with giving its approval of the project, the County Board authorized a land swap that leaves the county with an additional two acres on which it will develop its Long Bridge project, a 30-acre aquatics and sports facility surrounded by a public park. Monument View (pictured) will be erected nearby on a nearly five-acre site less than three miles from Washington, D.C.’s Central Business District. Designed by the architectural firm of Davis Carter Scott Ltd., the development will feature an eight-story structure containing 323,200 square feet of office space and 3,500 square feet of ground-level retail space, as well as 352 residential units in a 354,500-square-foot building that will be anywhere from four to seven stories tall. The office and residential buildings will also encompass a three-level parking facility and a two-level parking facility, respectively, for a total of 979 parking spaces. Additionally, the project will incorporate certain LEED standards. The office and multi-family segments at Monument View will cater to a market that is hungry for both. “We have a strong residential market and a strong commercial market,” the spokesperson said. “We’ve been much less affected by the economy than other outer suburbs because we’re so close in to Washington, D.C., and we have the Metro; Arlington has more Metro stops than any other county in Northern Virginia or Maryland.” The office vacancy rate in Arlington County in the first quarter was 8.5 percent, a notable drop from the overall 2007 average rate of 9 percent, according to a report by real estate services firm GVA Advantis. Washington, D.C.-based Monument Realty develops, leases and manages office, multi-family, hotel and mixed-use properties in the metropolitan Washington, D.C., area. To date, the company has developed more than 5 million square feet of office and retail space, and more than 3,500 residential units.