Penzance Submits Plan to Build 3 Residential Towers in Rosslyn, Va.
The developer purchased the property last year for $52 million
By Nick Trombola November 8, 2024 4:11 pm
reprints
Washington, D.C.-based developer Penzance wants to remake the skyline across the Potomac in Rosslyn with three new residential towers, and has taken the next step toward realizing that plan.
The developer earlier this week submitted a site plan application to Arlington County for what it calls One Rosslyn, a collection of three skyscrapers totaling 900,000 square feet. The project calls for two rental buildings rising 30 and 27 stories, with 461 units and 319 units, respectively, as well as a 26-story condo building with 82 units, for a total of 862 units. Rosslyn is an unincorporated neighborhood of Arlington, Va.
Plans also include 15,000 square feet of retail space. A spokesperson for the developer said it was targeting project approval by late 2025. If approved, construction on the project could begin by late 2026.
“Over the years, we’ve made significant contributions to Arlington with projects like The Highlands and 3001 & 3003 Washington Boulevard in Clarendon, and we are continuing to invest in the area through projects like One Rosslyn,” John Kusturiss, Penzance partner, said in a statement.
Penzance late last year paid JBG Smith $52 million for the property, currently the site of a two-building, 255,000-square-foot office complex dubbed Rosslyn Gateway. JBG Smith (JBGS) had previously won approval to redevelop the site into a three-property, 1 million-square-foot mixed-use development with residential, office, hotel and retail components, though the firm ultimately opted to sell the site.
Penzance has collected a solid stable of properties in Rosslyn/Arlington in recent years, including Pierce at The Highlands, a 104-unit luxury condominium it built in 2021 less than a mile from the site of the One Rosslyn project. It also acquired the 12-story Ballston One office property last year from UBS Realty Investors (which it also hopes to redevelop into residential units) and the 269-unit Jasper Columbia Pike multifamily complex from Avalon Bay Communities.
Nick Trombola can be reached at ntrombola@commercialoberver.com.
