CRYSTAL CITY, VA—LCOR has secured $100.325 million in construction financings from Wells Fargo for The Altaire, a two-tower project that have both high-end condos and luxury apartments. The company is breaking ground on the project this month with delivery slated for the second quarter of 2018.
LCOR has been working towards this point ever since it acquired 400 Army Navy Dr. from Lerner Enterprises in late 2012 for $39 million. The building had been empty since February of that year due to BRAC and LCOR acquired it with an eye to changing its use. It received final site plan approval from Arlington County a few months later.
When it delivers it will be the first large-scale condo building in a neighborhood that is being served by a Whole Foods along with a slew of other amenities including 175 retailers and 80 restaurants, according to Harmar Thompson, SVP of LCOR.
Balfour Betty is the general contractor. SK & I is the architect and Akseizer Design Group is the designer. The 20-story buildings are being designed to receive LEED Gold certification.
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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.
