JBG SMITH Acquires Development Site Across from Amazon’s HQ2 in NoVA
The price nor the seller were immediately available. The developer hinted that it’s considering building a new multifamily development of more than 500,000 square feet on the land.
“The expected significant increase in future residential demand, coupled with a period of potentially lower construction costs, presents a unique opportunity for us to expand our multifamily portfolio in the region’s leading submarkets,” Ed Chaglassian, JBG SMITH’s executive vice president, head of acquisitions, told Commercial Observer. “Given Amazon’s continued strong growth, along with the relative stability of the Washington, D.C., metro economy, we feel this is the ideal time to turn our attention to the next phase of development in National Landing.”
JBG SMITH is the developer behind the 150-acre, mixed-use complex called National Landing, which includes Amazon’s more than 4 million-square-foot second headquarters and a $1 billion innovation campus for Virginia Tech.
The acquired site, located at 1400 Richmond Highway, is the former home of the Americana Hotel, a recently decommissioned 102-key hotel. The sale also includes the adjacent parking lot.
“As the largest property owner and most active developer in National Landing, we have long viewed the Americana site as one of the best opportunities for development in the capital region,” Chaglassian said. “This location possesses all of the major ingredients for a successful project, including access to excellent public schools and close proximity to major transportation, retail and employment opportunities.”
JBG SMITH was represented in-house on the transaction, while the seller was represented by Stevan Varga and Stephan Varga of Enterprise Realty.
Earlier this month, JBG SMITH completed the redevelopment of 1770 Crystal Drive, a 273,000-square-foot office building in National Landing that Amazon will occupy as part of its HQ2 expansion.