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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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How Penzance’s West Rosslyn Development Will Transform A Key Section Of The R-B Corridor
In the next six months, Penzance will break ground on a development that will bring three 240-foot-plus towers, 900 residential units and other amenities to western Rosslyn, part of a plan that will have a dramatic impact on the neighborhood’s transformation.
The developer received county approval in February to move forward with the project. Penzance is currently building a temporary fire station for Arlington County to move it from the development site.
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Penzance, Greenfield Sell Watergate Retail Space For $15M
A retired Northern Virginia doctor is now the owner of a piece of the Watergate complex.
Penzance and Greenfield Partners sold the retail portion of the complex, three levels of shops and restaurants totaling 57K SF, to the doctor, who declined to be named.
The deal closed for $15.4M, according to a document filed Wednesday in the D.C. Recorder of Deeds. The document lists the buyer as Watergate Partners LLC, an entity registered to the address of a MedStar urgent care center in McLean, 6858 Old Dominion Drive.
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Long & Foster execs part with brokerage’s longtime Georgetown office for $8.5 million
D.C.-based developer Penzance Cos. has acquired Long & Foster Real Estate Inc.’s longtime Georgetown office building for about $8.5 million but doesn’t plan to displace Greater Washington’s largest residential real estate company from the premises anytime soon.
P. Westley Foster, who is the founder, chairman and CEO of Long & Foster Cos., and George T. Eastment, its vice chairman, sold the roughly 15,000-square-foot building to an affiliate of Penzance in deal recorded with the District on June 1, according to D.C. land records.
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Scoop: Penzance Under Contract To Sell Ballston Carpool Site To Jefferson Apartment Group
Penzance is under contract to sell the development site of a 22-story apartment building in Ballston.
Penzance rezoned the site of the Ballston bar for high-rise residential, and now, the DC-based firm expects to close this quarter on the sale of the site to Jefferson Apartment Group, two sources tell Bisnow.
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