The Property is comprised of (3) adjacent parcels which measure 13,576 SF of land area, improved with a six story building consisting of 25,935 GSF and surface parking lot. This iconic building was constructed in 1956 and has recently been leased and operated as a multitenant medical office building. The Seller has received approval from the City of Alexandria to change the use of the building to mixed-use residential, with plans for an adaptive reuse to (10) condominium units and 2,346 of ground floor retail.

The approved special use permit (“SUP”) contemplates a complete renovation of the existing structure with a new gated parking lot providing 2 dedicated spaces per residential unit. The residential plan is designed with (10) market rate units with an average size of 1,554 net square feet, (5) units are planned as 3-bedroom and (5) units planned as 2-bedroom. The top floor units will have access to a spacious private roof terrace. Residents will enjoy abundant natural light as the building has windows on all sides with excellent views of the Potomac River, National Harbor and Historic Old Town. The age of the building has allowed additional height (18.5+/- feet) that would not be granted based upon the Washington Street standards for new development, which is limited to 50 feet.

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