Akridge Sells Westfields Development Site To Elm Street, Northwood Ravin
After successfully rezoning a Westfields office park for a mixed-use development, Akridge is selling the site to Elm Street Development and Northwood Ravin.
The Preserve at Westfields will include up to 650 multifamily units, 155 townhomes and 15k SF of retail. The site was previously zoned for 1.2M SF of office. It is in Fairfax County, near a planned Wegmans-anchored development.
Elm Street will develop the townhomes, with construction expected to start this month and delivery slated for next summer.
"Westfields has always been one of Fairfax County's premier office parks," Elm Street principal James Perry said in a release. "Elm Street is proud to be part of Westfields' transition into an exciting mixed-use community where people work, live and shop."
Charlotte-based Northwood Ravin, a JV between Northwood Investors and Ravin Partners, will develop the multifamily and retail property, with construction starting next summer for a late 2018 delivery. It is the company's first foray into the DC market. The sale price was not disclosed.
