Paradigm Development Co. of Washington, DC has aligned itselfwith Richmond, Va.-based Cornerstone Real Estate Advisor in theplanned development of a $50 million, 14-story luxury apartmentbuilding and a 22-story uuptown office tower on 2.5 acres at Thirdand Church Streets.
Cornerstone owns the land for both projects. But the tower won'tbe started until an anchor tenant has been signed. In the meantime,Cornerstone feels the multifamily, high-rise development will drivethe tower. A meeting has been scheduled to explain the project tolocal residents.
Developers say uptown land is so expensive they are forced tobuild high-rises to make residences affordable.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
