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ALEXANDRIA, VA-Plans for the highly anticipated hotel and condominium development designated for a parcel next to the new 2.5-million-sf US Patent and Trademark Office headquarters in the Carlyle section of Old Town Alexandria have taken a leap toward realization now that developer Regent Partners has said that construction is set to begin.

With the assistance of Marc Magazine, Lewis Miller and Doug Henkel of CB Richard Ellis’ Hotel Development Group, the Atlanta-based developer was able to finalize its partnerships with debt and equity providers, and hotel affiliates and management teams–Wells Fargo is the major lender but the flag under which the hotel will operate is being withheld due to confidentiality agreements–thereby allowing the as yet unnamed endeavor to get under way. The rumored price tag for the project, which will be the first lodging facility to be built in the area in six years, is about $110 million.

Regent’s development will consist of an upscale 315-room hotel topped by 85,000 sf of residential space that will encompass an estimated 80 to 100 luxury condominium units. Additionally, CBRE’s Magazine tells GlobeSt.com, the property will also feature about 5,000 sf of ground-level retail space, all on a parcel along Jamieson Avenue that Regent acquired from Norfolk Southern last year. The project site is a prime one, with neighboring PTO’s staff of 7,000 serving as a magnet for new activity and a new energy. “The area around the PTO is growing and continues to exhibit strong demand for residential and hotel rooms,” Magazine says in a prepared statement. “Old Town is the association capital of the world and the relocation of the PTO has brought a flood of law firms and other businesses that serve the needs of the PTO.”

The hotel and condo structure will be built of brick and stone and will feature a design approved by city officials to be in harmony with the architecture of Alexandria’s other notable buildings. Speaking to GlobeSt.com, Magazine says, “This will be a great full-service facility that went though the process of zoning–when Regent first entered into the agreement with the seller, the zoning was for a hotel with office space–and will be a prime hotel and residential project for Alexandria.” The property is on target for a 2007 completion date.

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