Lowe, USAA Real Estate start work on 435-unit project in Virginia, US
November 04, 2020 – Real estate investment firm Lowe and USAA Real Estate have started construction on a project to transform two former 14-storey office buildings in the Park Center complex in Alexandria, Virginia into a 435-unit modern housing scheme.
The conversion project, known as Park + Ford, is located in 3101 Park Center Drive and 4401 Ford Avenue.
The 115,000ft² office building, located in 4300 King Street, will remain an office building and will have the 55,000ft² X-Sport Fitness club as part of the new mixed-use centre.
Lowe executive vice president Mark Rivers said: “Park Center is well-located and presents an ideal opportunity to transform the existing property into a mixed-use complex that is designed to meet the evolving demands of renters in Northern Virginia.
“The new Park + Ford apartments will provide attractive, modern residences with convenient access to major employment, retail and entertainment centres in nearby Arlington and Alexandria.”
The apartments at Park + Ford will be renovated into studio, one- and two-bedroom units in a variety of floor plans.
The building’s floor plates and high ceilings are ideal to be redesigned into comfortable residences which will have an abundance of natural light and expansive area views.
The residents will have a lot of indoor and outdoor common areas which can be used for co-working, small gatherings or quiet relaxation.
Park Center is situated at the intersection of I-395 and King Street (Route 7). It offers easy access to the Pentagon, National Landing, Ronald Reagan National Airport and downtown Washington, DC.
The conversion is expected to be completed by next year.
Lowe will manage the office building at 4300 King Street through its property management affiliate, Hospitality at Work.
Both companies had in the past worked on the development of the 705,000ft² National Science Foundation Headquarters building in Alexandria, Virginia, which was completed in August 2017.