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Latest NewsPenzance Looks To Add 3 Residential Towers To Rosslyn Skyline
The D.C.-based developer is planning to construct 900K SF across three towers on the site of Rosslyn Gateway. It has filed site plans with Arlington County for the project, branded as One Rosslyn, the company announced in a press release Tuesday.
“This is a very special site,” Penzance partner John Kusturiss told Bisnow, adding that his company has been “keeping an eye on” it since it was entitled for redevelopment more than a decade ago.
Penzance is partnering with Boston-based The Baupost Group on the project, which is being designed by Hickok Cole and Studios Architecture.
The towers are planned to total 862 units and 15K SF of retail, a Penzance spokesperson told Bisnow. There are two rental towers planned, one with 461 units and the other with 319, and one condo building with 82 units.
“There is definitely a shortage of housing in the region, in Arlington and specifically in Rosslyn,” Kusturiss said. “The Rosslyn sector plan calls for more housing, and we think this is just a phenomenal location for more multifamily housing. So we’re bringing forward three residential towers that will be a mix of unit sizes and price points and ownership […]
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Penzance announces acquisition of Jasper Columbia Pike apartments in Arlington for $105 million
D.C.-based real estate firm Penzance has announced its acquisition of the 269-unit apartment tower formerly known as Avalon Columbia Pike in Arlington for $105 million.
The nine-story residential-over-retail building sits on about 0.6 acres at 2920 Columbia Pike. Penzance bought the property from Arlington-based AvalonBay Communities Inc. (NYSE: AVB) in a deal that closed July 27. The property has been rebranded as Jasper Columbia Pike.
“Penzance seeks out high-quality existing or potential residential properties near proven economic centers and with retail amenities and good transportation options, which is exactly what this property has,” Cris White, the […]
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Washington’s Top Condominium Award for 2022
Delta Associates Salutes Property as Top in Region
The luxurious Pierce condominium took home top honors from Delta Associates as the prime property in its residential class for 2022. Pierce’s popularity continues to dominate the regional condominium market, selling residences above $1,000 a square foot.
“We are thrilled to win this honor as it recognizes the prestige and prominence of Pierce as a beautiful new addition to the Virginia skyline,” said John Kusturiss, Senior Vice President of Development at Pierce Highlands, LLC. “Pierce was designed to appeal to a sophisticated clientele that values an understated but classic style of living. The continuing strength of our […]
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Penzance acquired a Chantilly parcel cleared for an auto dealership. It’s shifting gears to build data centers.
A D.C.-based real estate investment firm is shifting gears with one of its properties in Chantilly, dropping previous plans to build an auto sales facility and instead seeking a rezoning to build data centers.
In August, an affiliate of Penzance Management LLC acquired a large, vacant parcel adjacent to an auto dealership cluster, about a mile south of Dulles International Airport, for $10 million. While much of it sits in a floodplain, about 12 acres of the lot are developable, adjacent to Ourisman Chantilly Toyota at 4135 Auto Park Circle. Fairfax County rezoned that part […]
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