ARLINGTON, VA—Vornado Realty Trust has paid a little more than $15 million to Arlington County for the development rights from county-owned property for its ambitious mixed-use PenPlace development here.
The Paramus, NJ-based REIT and Arlington County closed on the transfer of 610,951 square feet of development rights from county-owned property located along Long Bridge Drive last month. The purchase price was $15,040,619, according to the Washington Business Journal.
The PenPlace development is approved for 1.8 million square feet of new development to be located on approximately 10 acres of land bordered by Army Navy Drive, South Fern Street, South Eads Street and 12th Street.
Vornado has proposed two 22-story office buildings, one 19-story office building, one 18-story hotel, a building that could be build as either office or residential, and 50,000 square feet of retail space. No timetable has been set on when construction will begin on the venture. See story in the Washington Business Journal.
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