ARLINGTON, VA-Silverwood Cos. may be venturing back into condos, with its recent purchase of The Avery in Arlington, VA. Briefly, as we reported, the company acquired it for $33 million and plans to convert into condos. However, the company also has a robust apartment development pipeline with two projects nearing fruition, Mark Silverwood tells GlobeSt.com. One is a $50 million redevelopment in East Falls Church, which is in the final approval stages. The other is the redevelopment of a Safeway in Arlington, including the development of 160 units.

With the first project, the company is proposing to convert an industrial building, owned by the Robert Shreve oil company, located on Lee Highway, near the East Falls Church metro to a residential community.

To be called the Shreve apartments, the proposed building would contain 180 apartment units in a five-story building, Silverwood says. The 195,000-square foot apartment will include two underground parking levels and 1,449 square feet of retail on the ground floor. The development costs pencil in roughly at $50 million.

"We are partnering with the Shreve family to develop the land," Silverwood says. "We are currently in entitlement process, have submitted a rezoning application to Arlington County, and are in site plan review process."

Separately, Silverwood Cos. has recently won approval from Safeway to redevelop a grocery store in Arlington – a project that will include 160 or so apartment units. That project as well is penciling in at about $50 million. The companies plan to submit a formal site plan to county officials shortly.