LCOR is growing its presence in Arlington’s Crystal City neighborhood.
The fully integrated real estate company has purchased a 39,700-square-foot land parcel at 400 11th St. South from New York-based Verizon Communications.
Terms of the transaction were not disclosed.
LCOR is planning a mixed-use project that will feature neighborhood-serving retail and a multi-family high-rise tower with approximately 280 residences. The overall cost for this development is expected to exceed $100 million, and LCOR intends to break ground on the project in early 2020, according to company executives.
“Crystal City and Pentagon City are being knit together by the evolving 12th Street Entertainment Corridor, and our project will become a strong anchor to that corridor,” says Josh White, a Vice President of Development at LCOR.
The newly acquired land parcel is adjacent to Altaire, LCOR’s 451-unit buildingat 400 Army-Navy Drive in Crystal City. White notes that this new development will complement Altaire’s luxury residences by offering a range of efficient unit types at lower price points.
The new mixed-use project will also improve the sense of place and walkability in the surrounding area, he says. “As part of this project, we are working with Arlington County to identify potential opportunities for park space, which would enrich the entire neighborhood,” White adds.
About LCOR
LCOR is a fully integrated real estate investment management and development company with a proven track record over its history. LCOR’s comprehensive expertise enables it to manage the entire investment lifecycle and implement innovative and sustainable strategies that transform the communities where it invests.
