ROSSLYN, VA-Washington Real Estate Investment Trust has begun construction on WRIT Rosslyn Center, a two-structure, 224-unit multifamily complex in the Rosslyn/Ballston submarket where, according to Delta Associates’ Mid-Year 2004 Apartment & Condo Report, the vacancy rate for class A high-rise apartments is just 1.2%.

Donohoe Construction Co. is spearheading the actual building activities on behalf of the developer. According to a May 2004 presentation by WRIT, the estimated investment for the development is $56 million. The project cost is unique in that the price of its land came in at less than half the average per-unit market cost. As per the presentation, “imbedded excess density, acquisition of adjacent parcels and development rights created opportunity for rezoning,” resulting in a $21,000 per-unit land cost.

The project, designed by Architects Collaborative, consists of a nine-story residential structure at 1650 Wilson Blvd. and a 15-story tower at 1601 Clarendon Blvd. A two-story underground parking facility will grace the mid-rise, 46-unit structure, while the 178-unit tower will feature a five-level underground parking garage. Additionally the building at 1650 Wilson will offer 5,000 sf of retail space. Rosslyn Center will also feature a fitness center, club/community room and a game room. Donohoe expects to wrap up construction of the apartment community in the fall of 2006.

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