Fortis Buys Potomac Yard Site For 138-Unit Condo Project
A development site in Potomac Yard has just traded hands as another investor looks to capitalize on the growing activity in the area around Amazon HQ2.
Fortis Cos. announced Wednesday it acquired the property at 2551 Main Line Blvd. in Alexandria and plans to break ground on a 138-unit condo project this summer.
The site was previously owned by PulteGroup, which received Alexandria City Council approval for the condo project in 2017. Looking to bring the project to market quickly, Fortis will move forward with the already approved plans that call for two six-story condo buildings totaling 138 units and 200 below-grade parking spaces.
Fortis President George Chopivsky said the developer aims to deliver the project in the spring of 2022 to time it up with the opening of the Potomac Yard Metro station, the Virginia Tech Innovation Campus and the first phase of Amazon HQ2 development.
"With all zoning and site plan approvals already in place, this will be the first new condominium project to deliver within National Landing and will provide an exciting ownership opportunity in this dynamic Northern Virginia neighborhood," Chopivsky said in a release.
EagleBank is providing acquisition and construction financing for the project, Fortis said. The developer has built more than 4,000 multifamily units in the region, including areas such as Alexandria, Reston, Fairfax and several D.C. neighborhoods.
