MRP Realty, AEW Capital Announce Joint Venture to Redevelop VSE Building
Construction on Phase 1 will begin sometime in 2013.
MRP Realty and AEW Capital Management announced Wednesday their joint plan to develop a mixed-use, transit oriented property at the former VSE building site in Huntington.
MRP and AEW purchased the $22.5 million dollar property in late December, and MRP rezoned the property to include 360 LEED-certified apartments, an 110,000 square foot hotel and a 260,000 square foot office building, according to a press release issued by the joint venture. The VSE building is a 40-year-old office building located at 2550 Huntington Ave. VSE relocated from Huntington to Springfield in May 2012.
According to the Southeast Fairfax Development Corporation, the development plan was designed in compliance with the Transit Development Area comprehensive plan. The rezoning was approved by the Board of Supervisors in November.
“As the start of the yellow line on the Metrorail system, the Huntington Metro Station is a critical link to commuters and residents,” Matthew Robinson, principal of MRP Residential, the multifamily division of MRP Realty, said in a release. “Developing transit-oriented properties continues to be a focus of MRP, and the Huntington project represents yet another opportunity for housing and office walkable to a rail station.”
Construction on the apartment community will begin this year. SK&I Architectural Design Group will design the residential project. MRP and AEW will also construct the first portion of a bike trail that will run parallel to Cameron Run.
SFDC Marketing and Communications Director David Ben says the plans are welcome news.
“The news that there is now a joint venture is new to me, and is spectacular news,” Ben said. “It means that they are one step closer to making this excellent project a reality.”
“The property at the Huntington Metro station is an example of the research-driven, value-oriented approach AEW brings to investing,” Paul Ketterer of AEW Capital Management, said in a statement. “The demand for transit-oriented property remains at a premium and we believe that the Huntington project will achieve a desirable return for our investors and also benefit the community.”