JV Plans Mixed Senior Living, Medical Office Development in Alexandria
By Keith Loria August 12, 2021 12:07 pm
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A joint venture between Trammell Crow Company, JM Zell Partners and CBRE (CBRE) Global Investors will develop a new 383,000-square-foot mixed-use development in Alexandria, Va.
Located at 765 John Carlyle Street, the Class A development will include an 18-story, 268,000-square-foot senior living residence and a 115,000-square-foot medical office building.
The combination of the two is a trend that has begun to take off in the wake of the pandemic.
“We have seen a steady demand for convenient and amenity-based senior housing options at the national level; this need is also replicated at a local level,” Eric Fischer, managing director of Trammell Crow’s mid-Atlantic office, said in a prepared release.
The senior living property, in conjunction with Senior Resource Group, will offer 215 units featuring independent, assisted and memory care living options.
In partnership with Remedy Medical Properties, the 10-story medical office building will offer 115,000 square feet of office space as well as an additional 12,000 square feet of ground-floor retail space.
Both buildings will be built above a 440-space parking garage.
The development is within a 20-minute drive to Washington, D.C., and a 15-minute drive to the Ronald Reagan Washington National Airport.
Perkins Eastman is designing the senior living residence and SmithGroup is designing the medical office building. Construction on the development is scheduled to begin in Q3 2022 and is expected to be completed by Q4 2024.
“The medical office portion of 765 John Carlyle will bring much-needed institutional-grade medical space to the community,” Fischer said. “The building’s state-of-the-art design will offer both health systems and medical groups the much-needed opportunity to efficiently and cost effectively expand outpatient procedures and care-delivery options to our growing community.”
Keith Loria can be reached at kloria@commercialobserver.com.
