ALEXANDRIA, VA – Lowe and USAA Real Estate announced the start of Park + Ford, the conversion of two former office buildings in the Park Center complex in Alexandria, Virginia into 435 modern homes. The 14-story buildings at 3101 Park Center Drive and 4401 Ford Avenue will offer 435 apartments. The 115,000 square meter office building at 4300 King Street remains an office building, which also includes the 55,000 SF X-Sport Fitness Club as part of the newly planned mixed-use center.
"The Park Center is well located and offers an ideal opportunity to convert the existing property into a mixed-use complex that meets the changing needs of tenants in Northern Virginia," said Mark Rivers, executive vice president of Lowe. "The new Park + Ford apartments offer attractive, contemporary residences with easy access to major employment, retail and entertainment centers in nearby Arlington and Alexandria."
The apartments in Park + Ford are configured as studio, one and two-room units in different floor plans. The units will be fitted with modern fixtures and fittings that point to Alexandria's industrial and historical past. The floor slabs and high ceilings of the former office building are ideally suited for the conversion into comfortable residential buildings with daylight and a wide view of the surroundings. Residents have a variety of indoor and outdoor communal areas for working together, small gatherings, or quiet relaxation.
Located at the intersection of I-395 and King Street (Route 7), the Park Center provides easy access to the Pentagon, National Landing, Ronald Reagan National Airport and downtown Washington, DC. The Park Center is also served by a variety of dining, shopping, and entertainment options, including a wide variety near the Village at Shirlington and along the Route 7 / King Street corridor.
The renovation of the apartment is expected to be completed in 2021. Lowe will continue to manage the 4300 King Street office building through its Hospitality at Work subsidiary.
Lowe and USAA Real Estate previously worked together to develop the National Science Foundation's 705,000-square-foot headquarters building in Alexandria, Virginia, which was completed in August 2017.
Lowe founded his Washington, DC office in 1980 and has been an active investor and developer of commercial real estate across the region. Last year, Lowe completed the acquisition of the former Randall School location in Washington, DC for redevelopment as a 500,000 square foot mixed-use cultural, commercial and residential project.
In addition to the headquarters of the National Science Foundation, Lowe's key projects in the area include the Hepburn Ultra-Luxury Apartments, which are being developed alongside the famous Washington Hilton Hotel, which the company is undergoing a $ 150 million restoration has completed. the Fort Totten Square mixed-use project; Refurbishment of 1400 Crystal Drive office building in Crystal City, Virginia; and CityVista, a transformative mixed-use development in the Mount Vernon Triangle area of Washington DC.