Inova Health to Redevelop Alexandria Mall Site Into Hospital Campus
The City of Alexandria purchased the land for $54 million
By Keith Loria November 23, 2021 4:29 pm
reprints
The former Landmark Mall in Alexandria, Va., is getting a new owner, and a new life as a medical campus.
Owners of the 11-acre site where the mall once stood — a joint venture consisting of Foulger-Pratt, The Howard Hughes Corporation (HHC) and Seritage Growth Properties (SRG) — sold the land to the City of Alexandria’s Industrial Development Agency for $54 million.
Concurrently, the agency entered into a 99-year ground lease with Inova Health System for the land, with plans for a new Alexandria hospital. Inova Health System will invest $1 billion to create a new medical campus, according to the agency.
“HHC and SRG, the legacy landowners, partnered with Foulger‑Pratt in 2020 to envision a comprehensive redevelopment of the site,” Jay Kelly, Foulger-Pratt’s vice president, development, told Commercial Observer. “The JV was formed with the sale of the 11 acres to Inova and the city as a fundamental part of the business plan.”
The new Inova hospital will be the anchor to a broader redevelopment of the former Landmark Mall site in the West End of Alexandria, located in a triangle formed by Duke Street (Virginia State Route 236), Interstate 395 and Van Dorn Street.
“The overall development will bring approximately 2,500 residential units, more than 200,000 square feet of retail, a state-of-the-art, 1 million-square-foot hospital campus, and 3.5-plus acres of public park space to a vacant former mall site,” Kelly said. “It will create a dynamic new mixed-use heart to West End Alexandria.”
Development plans also include a central plaza, a network of parks and public spaces, and a transit hub serving bus rapid transit, DASH, and Metrobus.
“The acquisition marks yet another momentous step towards the transformation of Landmark Mall into a vibrant piece of the West End,” Alexandria Mayor Justin Wilson said in a prepared statement. “The city’s investment will bring jobs, better healthcare, more housing, and ultimately economic growth to our community.”
Demolition at the site is slated to start in spring 2022, with the first buildings expected to deliver in 2025.
Keith Loria can be reached at Kloria@commercialobserver.com.
