Penzance Gets Financing, Begins Work On 900-Unit West Rosslyn Development
A new development is moving forward that will add nearly 900 multifamily units to western Rosslyn.
Penzance has secured a $290M loan and begun site work on its 1555 Wilson Blvd. project that will include apartments, condos, retail and a new fire station, the Washington Business Journal reports.
The developer received Arlington County approval for the project in February 2017 and then began constructing a temporary facility for Arlington Fire Station No. 10, which is on the site and will be integrated into the new development. Penzance then set out to obtain financing and received a $290M loan last week, allowing it to begin work on the project.
Penzance will first dig four stories below ground to build a 1,050-space parking garage before going vertical on the three towers, which will each be at least 240 feet tall. The west building will include 331 apartments and the east building, separated into two towers, will have 104 condos and 456 apartments. It will also have about 25K SF of retail, and Penzance has signed CVS for about 9,600 SF.
The development will also include a new north-to-south vehicular street in between the two buildings that will connect Wilson Boulevard and 18th Street. On the opposite side of the west building, it will feature a new park that will provide pedestrian access between Wilson and 18th.
"Right now, this section of Arlington is a half-mile-long super block," Penzance Vice President of Development John Kusturiss told Bisnow in December. "Adding increased connectivity was really important to us."
