Long-delayed plans to redevelop aging Rosslyn office buildings and a parking garage notably involved in the Watergate scandal could be getting a fresh start.
Developer Monday Properties has recapitalized the development site at 1400 Key Blvd and 1401 Wilson Blvd, home to two 12-story office buildings.
The real estate platform BH3 Management is now financing the project, Monday Properties announced today (Wednesday).
“With new capital structure in place from our valued partners at BH3, this is an ideal moment to revisit our development program,” Tim Helmig, managing partner at Monday Properties, said in a press release. “We’re committed to creating a transformative project that maximizes value for the neighborhood while setting a new standard for urban excellence, and the financing from BH3 means we are now poised to move this project forward.”
Monday Properties declined to comment on the previous status of this project’s financing.
The Rosslyn-based company has been planning to redevelop the site for over a decade, with the Arlington County Board first approving site plans back in June 2014.
Currently, the site is zoned for one 32-story residential tower on Key Blvd and one 29-story office tower on Wilson Blvd. But it’s possible that could change.
“Monday Properties plans to collaborate with Arlington County officials and community stakeholders to explore amendments to the current zoning approval for the site that will align with the evolving market and meet the goals of the Rosslyn Sector Plan,” the press release says.
Monday Properties declined to provide specifics on rezoning plans or a possible timeline.
“Given that the community’s needs have changed in the past 10 years, Monday Properties plans to revisit its development program and work with the county to determine the best use for the site that aligns with the evolving market and meets the goals of the Rosslyn Sector Plan,” a spokesperson told ARLnow. “We will keep you informed as those plans evolve.”
All ground-floor retail stores at the redevelopment site appear to be closed at this point.
Kanpai Japanese Restaurant and Gallery Cleaners both shuttered at 1401 Wilson Blvd in June 2023, while a message at neighboring Elim Tailors & Boutique indicates that it relocated to Courthouse sometime this year.
The parking garage below the buildings is also expected to be a casualty of any redevelopment.
Forty years ago, Washington Post reporter Bob Woodward met a source dubbed “Deep Throat” — later revealed to be FBI official Mark Felt — in the garage, which was chosen because it was considered an “anonymous secure location.” The information Felt passed on to Woodward helped expose the Watergate scandal, which led to the resignation of President Richard Nixon in 1974.
A permanent historical marker outside the garage, erected by Arlington County, marks the location. Back in 2013, Monday Properties said it expected the marker to stay even after the garage is removed.
