X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

GAINESVILLE, VA-The ground has broken for Madison Crescent, a 43-acre mixed-use community under development by RMJ Development Group LLC. The expansive parcel at the intersection of James Madison Hwy. and Lee Hwy. will ultimately be the site of the 125,000-sf retail/office center called the Marketplace at Madison Crescent. It will also house 242,000 sf of additional office space, a 120-room hotel and conference center as well as a 216-home residential element consisting of 144 luxury townhomes, 60 single-family homes and 12 live/work units.

Lessard Architectural Group is on board as the general project architect, while Rounds Van Duzer is serving as the architect for the retail space. The development’s design is a contemporary interpretation of historic Bath, England, the town that RMJ describes as the world’s first planned community. Homebuilder Miller and Smith Inc. will develop the residential segment. Excluding the land, the entire project will cost a rumored $80 million to complete.

The Marketplace at Madison Crescent, which alone carries an estimated price tag of $25 million, will be the first portion of the development to reach full completion, with construction scheduled to wrap up late next year. The Marketplace will be anchored by a 52,000-sf Harris Teeter Grocery store, marking the chain’s entrée into the Prince William County market.

The remainder of the Marketplace will feature an additional 37,000 sf of retail, as well as a three-story professional building with 36,000 sf of class A office space. The first of the residences will be the next to deliver.

RMJ managing principal John D. Rhoad Jr. says the project, which is modeled after a town built over two centuries ago, is a place where” people can live, work, shop, and enjoy a comfortable and convenient lifestyle.” Madison Retail Group has been tapped to oversee retail leasing, while CRC Commercial will spearhead the leasing of the office space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.