NEW DEVELOPMENT BEULAH STREET & FLEET DRIVE

New Construction Will Be Townhouses

Beulah development will cover 3.68 acres

* By Mike Arlinsky FROM THE KINGSTOWNEPATCH

You may have noticed the construction near Beulah Street and Fleet Drive. Will it be a new office building? A parking lot? A hospital? Patch has learned that approximately 30 new town houses are schedule to be built at the site.

The plan was first proposed back in 2007 to redevelop the area. The application was finally accepted on June 28, 2010 after the Fairfax County Department of Planning and Zoning approved. The new homes will encompass 3.68 acres of land and the community will be called Fosters Crest.

The developer, Fleet LLC, originally proposed 49 units back in 2003.

When asked by the Patch about the new development, Lee District Supervisor McKay commented, “This small development was overwhelmingly approved by the Lee District citizen Land Use Committee. It's consistent with the Comprehensive Plan and surrounding development. There are a number of proffers dealing with transportation, open space, school donations, etc. The surrounding communities see this as a plus that will clean up some blighted properties that plagued this small land area.”

After reviewing the zoning application, several proffers were offered that allowed for construction to proceed. Proffers are additional conditions builders must meet in the surrounding area to help the deal become approved. Many of the proffers are contributions to various funds and the proffers system has been in use in Fairfax County for many years. Examples for the Fosters Crest community include sidewalks, noise-reducing construction, tree preservation and archaeological studies in case historical artifacts are discovered at the site.

The street access to the new development will be from two points both off of Fleet Drive. Many residents of Franconia already use Fleet Drive as a short cut off of Beulah Street on their way to the highways. A sidewalk next to the community has been proposed.

It should make for an interesting entrance/exit for residents driving in and out of Fosters Crest as cars turning left off of Beulah onto Fleet Drive are coming fairly rapidly not to mention the various sized trucks using that road for the adjacent industrial park.

Hunter Motel to get Redeveloped

Finally Hunter Motel made it through Lee District Land Use Meeting and will be redeveloped as as Embassy Suites Extended Stay. This is another example of mixed use development in Lee District!!!

Development Happening Monumental Realty

Monumental Realty announces on their web page Liberty View At Springfield Metro 6900 Beulah Street Springfield VA 4 buildings totaling 750,000 SF. Additional Information
Monument Realty closes wave of new deals
Washington Business Journal - by Sarah Krouse

Date: Wednesday, January 26, 2011, 2:53pm EST
Click here to find out more!
Click here to find out more!

* Sarah Krouse
* Reporter
* Email: skrouse@bizjournals.com

District-based Monument Realty, hard hit by the 2008 bankruptcy of its equity partner Lehman Brothers Holding Inc., is working on five new real estate deals as it looks to set a new course for itself in the next real estate cycle.

The company:

• Assembled 26 single-family homes and lots in Springfield in 2009 to make way for a $260 million, five-building office development, Liberty View at Springfield Metro.

Monument is in the site plan approval process with Fairfax County, but plans to build the first 200,000-square-foot phase once it gets a final OK. Monument co-founder Michael Darby said the company expects to start construction speculatively, saying the company hopes to provide space for contractors wanting to be near Fort Belvoir as part of the Base Realignment and Closure moves.

The Davis, Carter Scott-designed buildings will rise to eight stories and deliver 875,000 square feet.

• Closed on a deal for a build-to-suit office complex for Boeing Co. north of Crystal City. Monument submitted a site plan to Arlington County Jan. 26 for a 419,000-square-foot development on 4.7 acres along Old Jefferson Davis Highway between Sixth Street and 10th Street South. The property will host two five and six-story office buildings connected by a lobby and atrium.

Monument will break ground on the project in the fourth quarter of 2011.

• Inked a lease with the Federal Aviation Administration for 50,000 square feet at 55 M St. SE, the building it built with Lehman just north of Nationals Park.

• Bought the 237,000-square-foot Class B office building at 2055 L St. NW, known as the Verizon Building, with partner Angelo, Gordon & Co. for $12.8 million. The partners plan to renovate the building into a Class A or A-minus space.

• Closed on the purchase of a loan secured by 627-631 H St. NW in July and is planning an 80,000-square-foot office and retail project on the Chinatown site. Monument is still looking for an investment partner on that deal, but hopes to break ground by the end of the third quarter.

Separately, Monument and Douglas Development are each pursuing the boarded-up building next door at the corner of Seventh and H streets NW, which is currently in bankruptcy court. Developer Yeni Wong bought that property in 2005, but defaulted on the note later that year. Douglas Development purchased the defaulted note from Capmark Finance Inc. last September and served Wong a notice of foreclosure. Douglas' was going to make a play for it at auction but that plan was thwarted when Wong's company filed for bankruptcy protection Nov. 16.

For more on this story, see the Jan. 28-Feb. 3 print edition of the Washington Business Journa