Penzance Wins Approval for Big Three-Tower Multifamily Project in NoVA
The D.C.-based firm in 2023 purchased the site from JBG Smith for $52 million
By Nick Trombola July 23, 2025 4:55 pm
reprints
Washington, D.C.-based developer Penzance has secured entitlements for a project poised to reshape the District’s sister city across the Potomac River.
The Arlington County Board unanimously approved Penzance’s plans for One Rosslyn, a three-tower, 970,000-square-foot multifamily development in Arlington, Va.’s Rosslyn neighborhood. The project, designed by Studios Architecture and Hickok Cole, and co-developed by The Baupost Group, will feature 845 apartments and condo units, copious green space and 14,000 square feet of retail.
“One Rosslyn represents exactly the kind of thoughtful, transit-oriented development that strengthens our neighborhood’s appeal as both a business destination and a place people want to call home,” Mary-Claire Burick, Rosslyn Business Improvement District president, said in a statement. “The project’s emphasis on walkability, green space and street-level retail will create new energy along this Gateway Park corridor and is set to become a capstone to the neighborhood’s evolution.”
The trio of towers are planned to rise to between 26 and 30 stories. The tallest of the three, which Penzance calls the south apartment tower, will feature 461 units across 434,000 square feet; the northwest apartment tower will feature 311 units across 356,000 square feet; and northeast condominium tower will feature 73 units across 165,000 square feet.
Construction on the project is expected to begin in 2026 and finish in 2030, a Penzance spokesperson told CO. All three towers will be constructed and completed simultaneously.
Penzance in November 2023 paid JBG Smith $52 million for the site, which currently houses Rosslyn Gateway, a two-building office complex. JBG Smith previously sought to redevelop the property into a 1 million-square-foot, mixed-use project, but decided to sell it amid its ongoing effort to shrink its portfolio.
Yet Penzance isn’t solely focused on growing its multifamily stable. The firm in March paid $55 million to Davin Holdings and The Davis Companies for two flex industrial parks in nearby Manassas. Tenants at both properties support Northern Virginia’s sprawling data center facilities, which these days number in the hundreds.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
