Penzance Plans 3 Residential Towers in Rosslyn
Deal News | Nov 07, 2024 | Penzance Management LLC
Penzance Management LLC, a D.C.-based developer, plans to construct three residential towers on the Rosslyn Gateway site in Arlington County. Branded as One Rosslyn, the project includes 862 units and 15K square feet of retail space, and will be developed in partnership with Boston's The Baupost Group. Designed by Hickok Cole and Studios Architecture, the towers will reach up to 30 stories and feature views of the city and surrounding landscapes. The site, purchased from JBG Smith for $52 million, was originally planned for mixed-use but was re-evaluated to meet current market demands and local housing shortages. Construction could commence by the end of 2026.
Sectors
- Real Estate Development
- Private Equity
- Architecture and Design
Geography
- United States – The development project is taking place in Arlington County, Virginia, which is part of the metropolitan area of Washington, D.C.
- Washington, D.C. Area – Penzance Management LLC, the developer, and other associated entities are primarily based in the Washington, D.C. area.
Industry
- Real Estate Development – The article discusses the development plans for a new residential project in Arlington, Virginia by Penzance Management LLC.
- Private Equity – Penzance's partnership with The Baupost Group, a Boston-based private investment firm, highlights the involvement of private equity in real estate development.
- Architecture and Design – Hickok Cole and Studios Architecture are responsible for the project's design, emphasizing architectural planning in the construction of the residential towers.
Financials
- $52M – The purchase price of the 255K SF Rosslyn Gateway site by Penzance from JBG Smith.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Penzance Management LLC | Developer | Company | A D.C.-based real estate development firm leading the One Rosslyn project. |
| The Baupost Group | Partner | Company | A Boston-based private investment partnership collaborating with Penzance on the project. |
| Hickok Cole | Architect | Company | One of the architectural firms responsible for designing the residential towers. |
| Studios Architecture | Architect | Company | Another architectural firm involved in the design of the One Rosslyn project. |
| Arlington County | Government | Government | The local government entity with which Penzance has filed site plans for the project. |
| John Kusturiss | Partner | Person | A partner at Penzance who discussed the company's plans and strategic vision for the development. |