Pentagon City!
Residential developers say the lines between Crystal City and Pentagon City are blurring, especially in their marketing of properties according to the panelists at Bisnow's Tale of Two Cities event last Friday. LCOR SVP Harmar Thompson says the extension of 12th Street between Pentagon City and Crystal City is helping bring the two neighborhoods together. LCOR’s Altaire project (300 apartments and 150 condos) is right on the border of the two but he advertises it as one market. He also noted that there’s as much retail in Pentagon City as there is in Crystal City.
New residential projects are also attracting a different kind of resident, says Kettler Management president Cindy Clare. Kettler’s m.flats multifamily project will be smaller, more hip, more urban than previous projects and attract a younger demographic to Crystal City. The demographic at Kettler’s Millennium at Metropolitan Park in Crystal City has been more mixed, but it skews to people in their 30s. Cindy predicts that people in their mid-20s will start taking a closer look at the market as retail comes in with lifestyle amenities, restaurants and walkability.
Kimco Realty mid-Atlantic region president Tom Simmons says the area’s redevelopment will be fueled by a plan to add 7,500 residential units by 2050. Kimco had originally entitled two towers at 500k SF of office at the corner of 12th and Hayes. Realizing it wasn’t a great time for office, the company decided to turn the office towers into residential. Retail, like the future Whole Foods in Crystal City, will also play a big role in creating a sense of place in Crystal City and Pentagon City. Kimco is planning 30k SF of retail to bookend Fashion Centre, which is doing more street-oriented retail.
New homeowners will also help create that sense of place, says Harmar. That’s why LCOR plans to add 150 condos to the area. The project could bring in an older generation that will share amenities with the apartments, where the younger generation will live. The two groups want the same amenities, just at different noise levels.
