ALEXANDRIA, VA-Sovereign Bank and Bell Partners Fund IV are providing debt and equity, respectively, to a joint venture that is developing Bell Del Ray, a 276-unit, multifamily housing project located within the Potomac Yard project. The developers are Woodfield Investments, Arsenal Real Estate Partners, LLC and The Davis Cos. HFF secured the financing for the project.
The five-story building, which will include 3,513 square feet of ground-floor retail, will be located at the south end of Alexandria's 167-acre Potomac Yard. The multifamily project comes as Alexandria mulls where to place a new metro station in the submarket. Just like the Silver Line in Reston, development is bound to follow as plans solidify. Alexandria is currently testing three possible sites for a Potomac Yard metro station—tests that are scheduled to run through December 7. Meanwhile the city has updated the cost of the proposed station from a range of $119 million to as much as $538 million, depending on the site that is ultimately selected. A special tax will provide some of the funds for the station.
When it is complete, Potomac Yard will have more than four million square feet of office space, 1.1 million square feet of retail and dining, 3,200 residential units, a 300-room hotel and more than 60 acres of park land.
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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.
