Foulger-Pratt was awarded a $79-million contract to provide construction services for the transit-oriented project. The landowner is B.M. Smith and Assoc.; Carbon Thompson Development is the developer. RBS is also part of the development team. The project will consist of 354,523 square feet of luxury rental apartments--or 299 Units, 97,000 square feet of retail space--which will include a new Giant food store, and three levels of below grade parking. It will be located on a four-acre parcel approximately one-half mile from the Pentagon. Currently the Adams Square Shopping Center is there.
It took two years for Penrose Square's zoning to be approved. A key element of the project is a new city park called Columbia Pike Town Square, a new city park. The land was gifted by the project to the County.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
