An older, 12-story office building in Ballston could become a seven-story apartment building.
Developer Penzance has filed a conceptual site plan to get early feedback on the project from Arlington County staff. The Washington Business Journal reported on the plan and an earlier acquisition of the building, at 4601 N. Fairfax Drive, near the ramps to and from I-66.
From WBJ:
D.C. real estate firm Penzance is seeking to redevelop Ballston One, a 1980s-era office tower it recently acquired for cheap in Arlington, with a new multifamily building.
Penzance would raze the existing office at 4601 N. Fairfax Drive, though retain the parking garage, atop which it would build a new 330-unit apartment building, according to a conceptual site plan filed Friday with Arlington County’s planning department.
A Penzance affiliate acquired the building in August for $25 million. It last last traded hands in 1997 for about $43.1 million. The county currently has it assessed at $40.6 million.
The site is across from the Ballston Holiday Inn hotel, also set for redevelopment as a seven-story apartment building, with more than 400 units.
Penzance was the developer behind the massive Highlands development in western Rosslyn, which wrapped up in 2021 and included a new fire station.
Photo via Google Maps