A joint venture of Penzance and investment manager The Baupost Group has won approval to redevelop a whole block of prime Rosslyn real estate, currently occupied by the aging Rosslyn Gateway office campus, with three new residential-over-retail buildings, totaling more than 800 units and nearly 1 million square feet.
The Arlington County board voted unanimously Tuesday in favor of the project, branded One Rosslyn. The two 12-story offices at 1901 and 1911 Fort Myer Drive, immediately across I-66 from the Key Bridge, will be demolished and replaced with the trio of new residential towers rising as high as 29 stories.
One Rosslyn represents an investment of more than half a billion dollars, D.C.-based Penzance told me. Penzance bought the site from JBG Smith Properties (NYSE: JBGS) for $52 million in 2023.
The project — all three new buildings at once, not in phases — could break ground by late 2026, “pending market conditions and County approvals,” resulting in delivery by 2030, Penzance said. While the site plan and other regulatory approvals granted Tuesday are a decisive step, the developer would still need to get building permits.
