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ARLINGTON, VA-Financing, zoning and other final development details for the Penrose Square Project are all in place for the project to actually commence. The $100-million–a figure that includes soft costs–354,523-square-foot mixed-use complex near the Pentagon will break ground this spring and deliver in 2011. Wachovia is providing the construction financing–one of the final pieces that had to fall into place, a spokeswoman for Foulger-Pratt Contracting tells GlobeSt.com.

Foulger-Pratt was awarded a $79-million contract to provide construction services for the transit-oriented project. The landowner is B.M. Smith and Assoc.; Carbon Thompson Development is the developer. RBS is also part of the development team. The project will consist of 354,523 square feet of luxury rental apartments–or 299 Units, 97,000 square feet of retail space–which will include a new Giant food store, and three levels of below grade parking. It will be located on a four-acre parcel approximately one-half mile from the Pentagon. Currently the Adams Square Shopping Center is there.

It took two years for Penrose Square’s zoning to be approved. A key element of the project is a new city park called Columbia Pike Town Square, a new city park. The land was gifted by the project to the County.

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