Monument Realty Begins Construction on Riverside Square Shopping Center
The Washington, DC-based real estate firm also announced its first tenants at the multi-building property including a deal with restaurant Texas Roadhouse and Sheetz, a convenience store and gasoline station, and a 20,000-square-foot health club.
ASHBURN, VA—Monument Realty reports it has closed on $24 million in construction financing and has begun construction on the new 90,000-square-foot Riverside Square shopping center.
The Washington, DC-based real estate firm also announced its first tenants at the multi-building property including a deal with restaurant chain Texas Roadhouse and Sheetz, a convenience store and gasoline station, and a 20,000-square-foot health club. The identity of the health club tenant was not released.
Citizens Bank provided the construction financing to Monument Realty and partners Capital Associates of Raleigh, NC and Richardson Properties of Greensboro, NC.
“We are excited to break ground on Riverside Square and see the development take shape for our new tenants and for the community. This is the first of many retail centers we are focused on developing throughout the Mid-Atlantic region,” says Michael Darby, founder and principal of Monument Realty.
Leasing efforts for Riverside Square are handled by Monument Retail, led by Roger Carlson, who the company reports has received strong interest from other national and regional retailers and restaurants in the property that fronts Leesburg Pike (Route 7).
Riverside Square offers retail space via drive-through locations, pad sites, and inline space. Access to Riverside Square will be from two intersections with traffic signals on Riverside Parkway in close proximity to Ashburn Village Boulevard. Riverside Parkway, which currently parallels Leesburg Pike, will ultimately connect to Loudoun County Parkway by way of a planned and approved road extension that will start construction this year.
Monument Realty has been very active in both the retail and residential sectors in the DC-Baltimore region. In December the firm officially entered the NoMa market in DC with the $12.5-million all-cash purchase of 40 Patterson St. and plans to develop a 13-story, 310-unit residential project at the property. A Monument Realty team is also one of six developers vying to develop the DC-owned 2 Patterson St. nearby.
The firm, according to its website, is also developing the Shaw at 618 T St. NW in Washington, DC, a 69-unit condo project that will also include 7,400 square feet of retail. Other projects under construction include the Avidian, a 14-story 171 condo project at 1211 Van St. SE and the 118,000-square-foot One M office building at 1 M St. SE among others.