(Update at 6:25 p.m.) A new, mixed-use development is in the works for the western end of Columbia Pike.
Pillars Development Group, which built The Berkeley condominium in Ballston, is planning on constructing 78 condominiums and 8,000-square feet of ground floor retail at 4707 Columbia Pike, next to S. Buchanan Street, in the location of the now-closed El Tutumaso Bolivian restaurant.
That restaurant — previously home to a second location of Bob and Edith’s Diner and Sauca, which closed within a year of opening in 2012 — will be bulldozed for the incoming development. Pillars has applied for its first building permit on the site, and Operations Director Marwan Shahin told ARLnow.com today that the company hopes to start digging in May or June.
“We’re hoping we can start having people living in the building 18 to 24 months after that,” Shahin said.
The retail space does not have a prospective occupant yet, but Shahin said the company is looking to sell, not lease, that space to whoever wants to open a business in the first floor. The retail would front onto Columbia Pike and the residential entrance would be off of S. Buchanan Street.
Shahin said there will be a combination of underground and surface parking. The building will be developed (and has been approved) under the Columbia Pike Form-Based Code for commercial districts, which allows some projects to be approved without a hearing before the Arlington County Board.
Commercial property values decreased by 0.1 percent in Calendar Year (CY) 2012, coming in at $30.4 billion. Although multi-family rental properties fall into that category and increased by almost 1 percent, the rest of the commercial property types (office, retail, hotel) declined by 0.5 percent. Commercial properties still account for 49 percent of the county’s tax base.
A county press release suggests the drop in commercial property values is due to impacts from the Base Realignment and Closure (BRAC) in Crystal City and concerns about federal budget issues. The budget concerns are expected to have an impact for the next few years. While state and federal grant funding remains uncertain, real estate tax revenues represent approximately 56 percent of the county’s total revenues.
“These assessments reflect the impact that BRAC, and the slow economic recovery, continues to have on Arlington,” said Arlington County Manager Barbara Donnellan in a statement. “While our balance of commercial and residential development continues to keep Arlington’s economic outlook fundamentally sound, we are not immune from the larger economic forces that continue to buffet the nation. As we projected late last year, there will be about a $50 million gap between the County’s revenues and expenses, and both County government and Schools will need to make some tough choices to close that gap.”
Overall, Arlington’s 2013 real estate assessments remained unchanged. The average assessment for existing single-family properties, including condominiums, townhouses and detached homes, increased by about 1 percent, to $524,700.
Real estate assessments will be mailed to all Arlington property owners starting today, and will be available online after 5:00 p.m. Of all residential property owners, 47 percent will see no change in their assessment, 22 percent will see declines of varying amounts and 31 will see increases of varying amounts.