The State of the Market - Alexandria Economic Development

ALEXANDRIA
The State of the Market
YEAR-END 2013
Alexandria Economic
Development Partnership
625 N. Washington St., Ste. 400
Alexandria, Virginia 22314
(703) 739-3820
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Landmark Gateway (Image Credit: Belfast Valley Contractors)
This publication is part of our research and data series on the City of Alexandria. This report is
released twice a year and provides the latest updates on the City’s economy, the status of different
development projects, insights into the office and retail markets, and residential sales patterns.
Each report features a spotlight section that will go into more depth on a particular topic. With this
information, we hope to provide a comprehensive snapshot of the City of Alexandria for real estate
professionals, business owners, and the general public. If you would like an update on any of this
information between our major publications, please feel free to reach out to us.
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
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Contact us for information on:
· Development opportunities
· Office/retail vacancies
· Alexandria/submarket statistics
and any questions on economic
development topics.
Y E A R - E N D 2 013
ALEXANDRIA DEVELOPMENT UPDATE
Development Trends
• Following the approval of the Landmark/Van Dorn small area
plan, there has been a significant amount of development
activity in Alexandria’s West End. Please see our spotlight
piece at the end of this report for more information on the
multi-family residential development occurring in the area.
• Office tenants are taking advantage of market conditions
by upgrading to newer buildings and are looking for trophy
buildings with many amenities. Future development will likely
occur in Carlyle and Potomac Yard in the form of build-tosuits or significant pre-leases, though no new speculative
development is planned.
Source: Alexandria Economic Development Partnership
Noteworthy Development Projects
•
1 Notch Eight, a mixed-use residential/retail development
at Potomac Yard, is under construction. In addition to 253
residential units, this development will be anchored by a
65,000 sf Giant grocery store. It is expected to deliver in Q4
2015.
•
5 Carr Hospitality gained approval for a second hotel to
replace an existing one-story warehouse at 1 Prince Street.
The hotel will include 120 rooms and a restaurant and will
be the first major development project to break ground as a
result of the Waterfront Small Area plan.
•2 The Alric, a 323 unit multi-family residential development, is
under construction at Potomac Yard. It is expected to deliver
by Q4 2014.
6 Tony’s
•
Corner (2700 Jefferson Davis Highway) is a retail
redevelopment planned for the current Afghan Restaurant
site. The two-building commercial development will have
space for two to seven retailers.
•
3 The
Frasier broke ground at Potomac Yard in September
and is being developed by The Bozzuto Group and MGL
Partners. This multi-family residential development will offer
249 units and amenities such as a yoga room and an outdoor
courtyard with a pool. It is expected to deliver in 2015.
•
7 The Robinson Terminal North and South sites on the
Waterfront, owned by Graham Holdings (formerly the
Washington Post Cos), are in the concept plan phase for
redevelopment. The contract purchasers are City Interests
and the team of EYA and JBG, respectively.
4 C
•
arr Hospitality is constructing a six-story hotel with 109
rooms, designed to achieve LEED Silver certification. The
hotel, located on Prince Street near the King Street-Old
Town Metro, will be operated by Hilton Garden Inn.
8 •
Carlyle Plaza Two was granted permission to reallocate
approved FAR from office to hotel and residential. This
change in use will support demand anticipated from the
future NSF headquarters in Carlyle by providing employee
and visitor housing and lodging.
Source: Alexandria Economic Development Partnership
POTOMAC
YARD
Please see our spotlight section
for more information on
development in the West End.
7
395
ARLANDRIA
G
WEST END
420
DEL RAY
F
395
A
BRADDOCK
236
B
D
E
7
I
4
495
95
EISENHOWER
VALLEY
C
8
CARLYLE
1
•A
•B
Yates Corner (O/Rt)
The Belle Pre (Rs/Rt)
2
6 1
3
H
Recently Completed Projects
5
OLD TOWN &
WATERFRONT
Expected 2014 Deliveries
•C 2461 Eisenhower (O/Rt)
•D The Kingsley (Rs/Rt)
•E The Oronoco (Rs)
•F Bell Del Ray (Rs/Rt)
•G Del Ray Tower (Rs/Rt)
•H Safeway at Bradlee Center (Rt)
•I Landmark Gateway (Rs/Rt)
O: Office
Rs: Residential
Rt: Retail
495
95
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
Y E A R - E N D 2 013
Alexandria Office
Indicators
ALEXANDRIA OFFICE UPDATE
Vacancy
Net Absorption
Asking Rents
change from Year-End 2012
Regional Office Trends and Forecasts
• The regional office market has made meaningful progress in
2013, and new vacancies are starting to cease. Regionally,
in 2013, positive absorption was realized for the first time in
several years.
•Vacancy rates across the region are expected to show little
change. New speculative construction inside the beltway will
be sporadic and metro-centric and will slow the recovery as
more vacant office space is expected to come to market.
• Effective rents declined 2.6% over 2012 figures (as of Q3
2013). Analysts expect year-end declines to be closer to
3%. In the Northern Virginia market, rent recovery is not
expected to be noteworthy until 2016.
•The key to commercial real estate growth will be in private
sector job growth, but the impacts of this growth are not
expected to be seen until 2015/2016. Government and
government-related businesses are preparing for another
contraction in the face of continuing federal cutbacks.
• In the next three years, leases will expire for 31M sf of federal
tenants in this region. The GSA will continue their practice
to compete these leases in the region, looking for transitoriented, economically advantageous solutions. This will help
to drive more speculative development in desirable locations,
because large blocks of high quality space in desirable
locations are becoming scarce.
•Office demand will remain constrained, and tenants
may be apprehensive, which will translate into shorter
leases, renewals and termination rights. Tenants will
continue to rightsize and become more efficient, and
landlords are continuing to offer concessions and adding
amenities, like conference facilities and fitness centers,
to remain competitive.
Source: Delta Associates, Alexandria Economic Development Partnership
ALEXANDRIA OFFICE MARKET
•As of Q4 2013, the vacancy rate was 17.2%, a decrease of
0.5% over vacancy at midyear 2013.
Total Commercial Office Blocks Available
•Alexandria has seen modest positive absorption in 2013.
Q4 2013 net absorption was 10,066 sf, and the overall net
absorption for the year was 119,000 sf.
30
•Vacancy is likely to increase with the reintroduction of 2461
Eisenhower Avenue (330,000 sf) to the City’s inventory,
anticipated in Spring 2014. The building is expected to be
delivered 100% vacant and is located across the street from
the National Science Foundation’s future headquarters.
20
•Rental rates hover in the mid $30s for Class A space, which
is primarily located in the Carlyle submarket and the King
Street Station complex. Rental rates for non-metro, Old Town
locations fall between high $20s and low $30s full service.
• Alexandria will make modest improvement in 2014, as tenant
deal activity will remain scarce and new vacancy is expected
to come online. Landlords will continue to be deal-makers by
restructuring leases to retain tenants and offering creative
deal structures to attract tenants to their projects.
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
Source: CoStar
25
15
10
5
0
5K-9K
10K-24K
Class A
25K-49K
Class B
50K-99K
*
100K>
Class C
has very few large blocks of Class A space available.
*AsAlexandria
market demand for this type of space recovers, Alexandria
must focus on delivering Class A commercial office buildings in
Carlyle and Potomac Yard to increase its available office stock
and remain competetive.
Y E A R - E N D 2 013
Alexandria Office
Indicators
ALEXANDRIA OFFICE UPDATE
Vacancy
Net Absorption
Asking Rents
change from Year-End 2012
NOTABLE LEASE TRANSACTIONS: JANUARY 1, 2013 THROUGH YEAR END 2013
1 National Science Foundation - 667,000 sf
2401 Eisenhower Ave: 15 year term
POTOMAC
YARD
2 Alexandria City Public Schools - 84,890sf
1340 Braddock Place: 15 year term
3 Stratford University - 59,779 sf
7
ARLANDRIA
395
8
2900 Eisenhower Avenue: 13.5 year term
4 Samueli Institute* - 27,084 sf
1737 King St: 9 year term
5 International Association of Chiefs of Police - 25,919 sf
44 Canal Center Plaza: 12.6 year term
420
9
DEL RAY
6 Deloitte* - 22,512 sf
1725 Duke Street: 5 year term
7 General Dynamics - 17,500 sf
WEST
WEST END
END
2
BRADDOCK
2051 Jamieson Ave: 5 year term
8 City of Alexandria - 16,893 sf
EISENHOWER
VALLEY
4401 Ford Avenue: 5 year term
9 Community Anti-Drug Coalitions of America - 14,052 sf
3
625 Slaters Ln: 9.8 year term
1
7
4
6
OLD TOWN &
WATERFRONT
10 Crossroads Media - 13,448 sf
66 Canal Center Plaza: 10 year term
CARLYLE
5
10
1
495
95
*Renewal
GROWING INDUSTRIES
These are the types of tenants in the market that commercial real estate professionals are looking to place. These industries are
expected to grow over the next several years and will require commercial space.
IT Infrastructure
Consolidation
Cyber Security
Veterans Medical &
Benefits Programs
Key focus for national
security and defense
agencies
10011001
01100110
10011001
01100110
Program Integrity
Support Services for
At-Risk Programs
Pursue fraud waste &
abuse in health care
systems
Companies are spending more
money now to save themselves
money in the future
All are being protected and
appropriated funds
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
Help government manage
programs that may need assistance
during transition periods
Y E A R - E N D 2 013
ALEXANDRIA RETAIL UPDATE
Alexandria Retail
Indicators
change from Year-End 2012
Vacancy
Net Absorption
Asking Rents
Retail Trends and Forecasts
•US retail sales are expected to increase 5.5% in 2014 ($5.4
trillion) and will be 20% greater than the pre-recession peak.
•Retail will see growth despite big box downsizing, and
retailers are cautiously optimistic.
•Luxury items and travel goods/services are driving the
spending growth. All other consumer spending is projected
to remain relatively flat.
• Population trends and infill opportunities are attracting
retailers to urban locations. One example is Target, which
is moving away from its big box footprint of 90,000 sf to
smaller-scale stores of 10,000 - 20,000 sf. Population
density is now the key driver for new Target store locations.
• Retail is becoming a “contact sport” where retailers are trying
to deliver a better experience in stores than a user gets when
browsing online.
Sources: AEDP, International Council of Shopping Centers (ICSC), Urban Land Institute (ULI)
ALEXANDRIA RETAIL MARKET
• In total, Alexandria has 7.7M sf of retail space inventory.
•The Alexandria retail vacancy rate at year-end was 3.8%,
which is down from 4.5% at the end of Q2 2013. Some of
this is attributed to the opening of the Fresh Market grocery
store. This space was previously included in the vacancy
rate.
•Restaurants and grocery stores have been the name of
the game in 2013. Following the recession, consumers are
spending discretionary income on dining out and household
goods, which consumers prefer to buy in person.
• New grocery stores include the opening of the Fresh Market
at Bradlee Center and the construction of the redesigned
Safeway at King and Braddock. Two Harris Teeter stores
(one under construction in Old Town and one approved in
Carlyle) and the Giant under construction in Potomac Yard
also increase the total grocery stores in the City.
• Restaurants have played a large role in Alexandria’s retail this
year. Restaurants that opened in 2013 include: Waterfront
Market, M.E. Swings, and Seva Cafe. Restaurant deals that
were signed in 2013 include: Hank’s Oyster Bar expansion,
Vaso’s Mediterranean Bistro, Los Cuates, Carluccio’s,
Blackwall Hitch, Lost Dog Cafe, Bastille, SweetFire Donna’s,
Shakthi South Asian Cuisine and Burger 7.
• Since the midyear, there have been additions to the apparel
market in Alexandria as well. Men’s Pink Palm, Lululemon,
Sara Campbell, The Lucky Knot Men’s Store, and Patina
Polished Living have all opened or announced they will be
opening new locations in Alexandria.
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
Niche grocery stores
Fitness/health spas
Fast casual dining
Discounters
Automotive
Online retailers
WHAT’S HOT
2013
WHAT’S NOT
Bookstores
Mid-priced apparel
Traditional grocery
Traditional casual dining
DIY home stores
Consumer electronics
Per ICSC, these categories represent national trends for
expanding and contracting retail establishments in 2013.
Y E A R - E N D 2 013
Alexandria Retail
Indicators
ALEXANDRIA RETAIL UPDATE
change from Year-End 2012
Vacancy
Net Absorption
Asking Rents
ECOMMERCE: CONVENIENCE V. EXPERIENCE
In recent years, there has been an increased focus on how
eCommerce will impact traditional retail establishments.
Current thinking suggests that eCommerce is about
convenience, while shopping is about the experience. The great
majority of shoppers continue to have a preference for making
in-store purchases, so retailers are trying to deliver a better instore experience than a user would get while browsing online.
These trends will impact traditional retailers over the next
several years. The forecast for the future will also affect how
retailers do business:
• eCommerce sales grew 13.4% in 2013 and are expected to
grow another 11.1% in 2014.
•Shopping centers that offer appealing experiences (free
outdoor movies, yoga classes, concerts, wine tastings,
etc) will outperform traditional malls and centers.
•Shoppers often use eCommerce sites prior to visiting a
store to check sales, competition, or to browse inventory.
• Large eCommerce firms are driving the industrial boom
with their need for mega bulk warehouses and more land
for parking. For example, Amazon currently has 50M sf in
distribution centers and wants to grow to 90M sf by 2016.
•The fastest growth brick and mortar retailers trending in
the near term will be those offering goods/services that
cannot easily be bought online, like hair salons, restaurants,
fitness, and entertainment.
•Retail venues that are located in walkable, mixed-use
developments will thrive.
•Class “C” malls will need to explore creative solutions by
putting in attractions such as grocery, Walmart, Costco,
community colleges or libraries.
Source: Alexandria Economic Development Partnership
RETAILER METRICS AND SITE LOCATION
Different types of retailers have specific metrics for evaluating
site locations. Retailers are typically catagorized into three
major groups:
• Neighborhood Service/Convenience: These retailers
provide goods and services that are “Saturday
errand” types of shopping. This includes
things like grocery stores, drug stores, and dry
cleaners.
• Food & Beverage: This category covers all establishments
where food and beverage consumption occurs
outside the home. This would include not only
restaurants but ice cream shops, wine bars,
and coffee houses.
• General Merchandise, Apparel, Furnishings, & Other:
These retailers provide merchandise that is
traditionally sold at department stores. This
includes home furnishings, clothing, books, office
supplies, music, and sporting goods.
Generally, retailers examine several criteria when making
a location decision. Advertising materials for a particular
available space often look like the example on the right.
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
SAMPLE STATISTICAL SNAPSHOT
3,839
Population
$
8,642
83,450
Daytime
Population
Median Household
Income
76.2%
Bachelor’s Degree or Higher
13,211
Vehicle trips per day
Note: Statistics are usually for a one, three, or five- mile radius
Each retailer looks at different thresholds for each of these
categories. No two retailers use the exact same evaluation
parameters.
Y E A R - E N D 2 013
Alexandria Economic
Indicators
ALEXANDRIA ECONOMIC INDICATORS
change from Year-End 2012
Jobs
Median Wages
Unemployment
JOBS AND TAX REVENUE
Comparison of 2013 Jobs to 2012 Jobs
Source: bls.gov and AEDP
22,726
GOVERNMENT PRIVATE
72,411
-2.6%
-2.0%
decrease
from
2012
decrease
from
2012
Total jobs were down 2.1% in December 2013 over December 2012
in the City. Job loss is a result of the sequester and the government
shutdown. Arlington and Fairfax Counties both experienced
stagnant job growth the second half of 2013.
While the sequester has impacted Alexandria’s economy, experts
project that 2014 will be a year of positive economic growth.
As the National Science Foundation prepares to move to its new
headquarters in Carlyle, there will be many opportunities for job
growth over the next three to five years. Additional development
in prime, metro-centric locations will further attract companies and
employers to Alexandria.
Growth in Sales Tax Revenue over 12 Months
Ending in December 2013
Source: VA Department of Taxation
Alexandria was the only major NoVA jurisdiction to see positive
growth in sales tax revenue over the course of 2013. Sales tax
revenue figures for all jurisdictions were worse in the second half
+0.1%
- 1.3%
- 1.4%
- 4.3%
Alexandria
Fairfax
Arlington Loudoun of 2013 than they were during the first half of 2013.
HIRING BY INDUSTRY
Five-Year Comparison of Hiring Pre- and Post-Recession
11.0%
Source: US Census Bureau, Local Employment Dynamics, Q1 2007 & Q1 2013
RETAIL
CONSTRUCTION
8.4%
4.6%
9.3%
Hiring as of Q1 2013 reflects changes in the economy that are a
result of the recession and sequestration. Government hiring has
decreased to less than half a percent of all hiring. Construction
hiring has also decreased, though it will likely rebound as developers
move forward with planned projects.
Professional, scientific, and technical hiring has increased
15.1%
PROFESSIONAL, SCIENTIFIC,
AND TECHNICAL
8.3%
OTHER SERVICES
13.2%
ADMINISTRATIVE & SUPPORT
6.4%
HEALTH CARE AND
SOCIAL ASSISTANCE
13.3%
ACCOMMODATION &
FOOD SERVICES
1.8%
GOVERNMENT
16.3%
ALL OTHER
INDUSTRIES
significantly, as has hiring in the ‘all other industries’ category. In the
‘all other industries’ category, these increases are primarily due to
increased hiring in educational services. Modest increases were also
seen in arts, entertainment, and recreation.
Alexandria’s hiring mirrors the regional projections around changes
in the makeup of the local economy. We expect that retail and
accommodation hiring will increase over the next few years as the
economy continues to improve and approved hotel projects deliver.
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
2007
20.8%
8.8%
14.6%
6%
12%
0.4%
24.3%
2013
Y E A R - E N D 2 013
New Listings
Alexandria Residential
Indicators
Average Days on Market
ALEXANDRIA RESIDENTIAL UPDATE
Median Sales Price
change from Year-End 2012
Noteworthy Trends
• Home sales are up significantly over 2012, increasing by
13.8% since December 2012. Alexandria significantly
outpaced Fairfax (8.4%) and Arlington (6.3%) counties in
growth of units sold.
•The total sold dollar volume for the Alexandria market was
up 21.0% in 2013. Alexandria saw higher dollar sold volume
increases than Fairfax (16.9%) or Arlington (11.7%).
• Over the past ten years, Alexandria has had higher growth in
average sales price than Fairfax or Arlington.
• Alexandria is one of the only jurisdictions in the region in
which average home prices are higher than their peak prerecession levels.
• Homes in Alexandria are being sold at values very close to the
original list price. On average, homes are sold at 97.1% of the
original list price.
•On average, Alexandria homes are selling faster and are on
the market for 40 days, which represents a 30% decrease in
number of days on the market, as compared to 2012.
Source: RealEstate Business Intelligence, December 2013
2013 HOME SALES: JULY - DECEMBER
GROWTH IN HOME SALES BY TYPE
2500
2000
%
+19.0
1500
+3.9%
ARLANDRIA
42
NORTH RIDGE
7
395
POTOMAC
YARD
94
34
DEL RAY
1000
WEST END
%
+21.4
500
420
378
59
TAYLOR RUN
29
395
236
0
ROSEMONT
50
45
BRADDOCK
2012
2013
29
495
Condo
Single Family
Attached
Single Family
Detached
CHANGE IN AVERAGE SALES PRICE
$550K
95
CARLYLE
units sold
4.5%
10-Year
Average
Growth
$400K
$350K
2004
Alexandria
2009
Arlington
332
95
Single
Family
Detached
Single
Family
Attached
Condo
Average Price
$763,701
$627,896
$326,612
Increase in
Average Price
11.6%
5.8%
6.2%
Units Solds
469
765
1,096
Increase in
Units Sold
21.4%
3.9%
19.0%
5.2%
$450K
1
495
SUMMARY OF 2013 HOME SALES
4.7%
$500K
OLD TOWN &
WATERFRONT
22
EISENHOWER
VALLEY
2013
Fairfax
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
Y E A R - E N D 2 013
ALEXANDRIA
Spotlight: Multi-Family Development in the West End
Landmark Gateway (Image Credit: JBGR)
On June 13, 2009, the Alexandria City Council voted to incorporate the Landmark/
Van Dorn Corridor Plan into the City’s Master Plan. This plan “envisions the
redevelopment of Landmark Mall and the major parcels to the south as a lively,
mixed-use town center for Alexandria’s West End. Incorporating retail, residential,
office and hotel development and a number of urban parks and plazas, the town
center would be organized in a walkable grid of urban blocks.
South on Van Dorn Street from Landmark Mall, the area between Edsall Road and
Pickett Street would also be revitalized with new mixed-use development. A new
transit system in dedicated lanes, as proposed in the City’s Transportation Master
Plan, would provide connections to the Van Dorn Metro and to other locations in
the region.”
With the approval of this plan and the Beauregard Small Area Plan on June 16, 2012,
developers began exploring options and planning for several multi-family residential
and retail projects in this area. This spotlight focuses on projects that are currently
underway or in the development pipeline.
MULTI-FAMILY DEVELOPMENT IN THE WEST END
Why Multi-family Residential Housing?
Small Area Plan Boundaries
The majority of projects under development today in the West
End contain multi-family residential components. In fact, there
are currently over 2,600 new units in the development pipeline
in the West End.
1
395
KI
BEAUREGARD
BEAUREGARD
NG
.B
EA
UR
EG
W. B
RA
N
OR
N
D
DDO
5
SEM
CK R
INA
RY
D
RD
LN
N
VA
ST
ST
N QUAKER
4
LANDMARK/
LANDMARK/
VAN
VAN DORN
DORN
ST
395
8
ORN
Multi-family residential development can also be a catalyst for
attracting retail and office tenants. The additional population
density that is gained through multi-family residential
development also helps attract and support a healthy retail
market. Retailers often look for a certain population density
when making location decisions, and multi-family development
helps communities meet these numbers. Higher density, multifamily development also attracts companies that are looking to
employ the types of workers that choose to live in these areas.
N.
S. V
AN
D
According to a study by Harvard University, approximately
50 million new housing units will need to be added to the
country’s existing housing stock by 2030 in order to keep up
with household and population growth. As housing trends shift
towards more urban communities that allow residents to access
public transportation and enjoy a walkable lifestyle, areas like
the West End become especially attractvie for this type of
residential development.
AR
D
ST
7
6
DUKE ST
2
3
VAN DORN ST
METRO
95
495
5. Seminary Overlook
The projects below are in various stages of the development
process. They are representative of the potential for the West
End and will help shape additional future non-residential
development in the area.
This 770,000 sf project, which would be the first significant
residential development in the Beauregard area, has been
proposed to replace the existing low-rise apartments at
Seminary Hill with 720 new units in four buildings. The project
is currently in the concept review phase. JBG, who controls
much of the developable land in Beauregard, has said that there
will be 100 affordable units in the finished project.
1. Gateway at King and Beauregard
6. Landmark Gateway
This project is in the concept review phase with the City. As
proposed, a 628,000 sf mixed use project including almost 500
residential units, a hotel, office, retail space, and a grocery store
will replace the former Jefferson Memorial Hospital.
Landmark Gateway is a mixed-use project by Mill Creek
Residential that is currently under construction and includes
492 residential units and 15,000 sf of first-floor retail. The
site also includes an underground parking garage. During the
first phase of the project, which is scheduled to deliver during
Summer 2014, 360 apartment units and all of the retail space
will be completed.
2. The Delaney
This five-story, mixed-use development is currently approved
to include 189 rental apartments, including studios, one- and
two-bedroom units. There are also 23 units that have been set
aside as affordable units. In addition, there will be approximately
9,000 sf of retail on the ground floor. There is no scheduled
groundbreaking for The Delaney at this time.
7. Southern Towers
The owners of this apartment complex propose to add density
by turning an existing pad site into a 400,000 sf retail center,
which will include a grocery store and hotel.
3. Cameron Park
8. Washington Suites Residences
This mixed-use residential and retail project by JBG Properties
will include 535 residential units and 12,000 sf of retail and will
replace the existing Carpet One building.
This project will convert the existing Washington Suites
extended-stay hotel to a 219 unit apartment building. The plan
calls for adding a small parking garage to the site. Otherwise,
there will be no significant changes to the exterior of the current
site. The majority of the units will be efficiencies.
4. Stevenson Avenue Residences Extension
This expansion of the existing Stevenson Avenue Residences
will include 121 new residential units next to the 80,000 sf of
existing office space. This project would replace the existing
surface parking lot with a multi-family residential building and
underground parking. It would also include nine affordable
housing units. Currently, negotiations are underway with two
tenants for the existing office space.
A L E X A N D R I A ECO N O M I C D E V E LO P M E N T PA R T N ER S H I P
The strength of residential development in the West End
provides a necessary population base to support the
Landmark Mall redevelopment. These projects, along
with the National Science Foundation relocation, provide
important input into the West Eisenhower Small Area Plan,
which will define a path forward for future infill along this
corridor.
Y E A R - E N D 2 013