Carrying the address of 1700 Duke St., the Royalton will occupy a highly visible and easily accessible spot right at the King Street Metro station, just outside of the popular Old Town Alexandria district. In addition to the upscale residences, the property will also feature about 45,000 sf of ground-level retail space, which will house a Whole Foods Market. The four-story structure will also offer an underground parking facility and a state-of-the-art fitness center.
Giving an indication of the demand for condominiums in the area is the fact that the Royalton is already completely spoken for by future residents. Condominiums present a win-win situation for developers and residents in the area. The Royalton is not alone in its successes; Old Town's Liberty Row condominium development had sold more than two-thirds of its 63 units by the end of the first quarter. And demand in the area is not expected to slow down any time soon.
"We believe there is plenty of wind left in this condo market cycle, in contract to proper market cycles," Delta Associates asserts in its First Quarter 2004 Apartment & Condo Report. The document sites the sprouting up of Metro-centric developments, and the prevalence of first-time buyers and empty nesters as reasons for the continued popularity of condominium properties. The JBG Cos. and Clark were unavailable for comment by deadline.
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