FALLS CHURCH, VA-Development kicks off next week on a 405,000-sf two-part mixed-use endeavor being spearheaded by developers Atlantic Realty Cos. and Carr Enterprises. The project, located at the intersection of Route 29 and Route 7 just off Route 66, will consist of two buildings--the office property 500 S. Maple St. and the residential structure Pearson Square.
Both buildings will occupy a nearly five-acre parcel of land on a plot once known as the Diener Tract, which had been home to an historic duckpin bowling alley. Atlantic Realty and Carr have not disclosed the development cost of the project. However, a $72.9-million financing deal for the project closed in March through Chicago's Corus Bankshares Inc; it provided the funds for Carr's purchase of the land and construction costs for the residential portion of the project.
The property at 500 S. Maple will feature 75,000 sf of class A office space and 18,000 sf of ground level retail to be developed by Atlantic Realty; while the 330,000-sf condominium building will offer 230 residential units, and nearly 9,000 sf of ground-level retail to be facilitated by Carr. Both buildings will offer underground parking and the development will also encompass 3,000 sf of arts flex space.
"This project, which includes the largest office structure built in Falls Church since the 1980s, was a true collaborative effort with the community," says Atlantic Realty Cos. president David A. Ross. The Falls Church Planning Commission gave unanimous approval of the site plan late last year and even pushed through the transfer of the property. City approval of the project prompted Atlantic's $1.2-million donation to the building fund of the Falls Church City Public School system, and the company is also giving the city a break on the leasing rate for the arts space.
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