ARLINGTON, VA-Penzance will shortly be submitting a preliminary site plan to Arlington County for a two-building, 300,000-square foot office development in the Clarendon submarket. VP Matt Pacinelli says that the project, whose development costs are expected to clock in at $110 million to $120 million, is close to the finish line, at least in terms of the approval process. “We hope to see the paperwork completely done by the end of the year,” he tells GlobeSt.com. Groundbreaking, he anticipates, will occur in Spring 2012.

The project is will be located within North Washington Boulevard, North Garfield Street, North Highland Street and North 11th Street. It will have two addresses--3001 and 3003 Washington Blvd. Penzance has been assembling these parcels over the last few years. For the moment the project is self-financed--as most preliminary stage construction projects are these days--but Pacinelli says the company is confident of arranging financing.

This project will be the first major development for the firm since the financial crisis, he adds. In addition, he notes, the firm worked hard to have the project conform to the Arlington County Clarendon Sector Plan. Among the requirements, the plan calls for buildings that are set back a certain amount of space from North Washington Boulevard and North Highland Street.

The buildings will function as two separate entities but with shared common services, such as the below-grade parking deck and loading dock. 3001 N. Washington Blvd. will be a 10-story, 200,000 square foot office building with 20,000 square feet floor plates. 3003 N. Washington Blvd. will be an eight-story, 80,000 square foot office building with 8,000 to 10,000 square feet floor plates. They are being designed to meet LEED Silver standards at a minimum. Noritake Associates is the architecture firm.