675 N. Ballston Street
The development will consist of five buildings:
Located at 675 N. Randolph Street, the first phase of Founders Square features:
The process of Transit Oriented Development requires the coordination of the needs of the transit agency, local municipality and interest of the development community. When the Washington Metropolitan Area Transit Agency (WMATA) decided that its 50 year old Arlington Bus Garage needed to be replaced, this site, now located at the edge of the developing Ballston community, would be available for redevelopment. The site, located only a short distance from the Metrorail station and served by Metrobus, was an attractive property for a mixed-use development.
WMATA selected a developer, The Shooshan Company, with the vision and experience to maximize the potential of the site. Working with the County of Arlington, the developer had the property re-zoned to permit a more intensive use and was able to assemble a larger property to support commercial, residential and retail use.
The Commonwealth of Virginia provided $10,000,000 in funding toward the security improvements required for the development. The County of Arlington exchanged property to consolidate the site and allow for the development of the adjacent Mosaic Park. As part of the project, Mosaic Park will be doubled in size to approximately two acres with features including active open space, a water feature, rain garden and cultivated landscapes. The enlarged and redesigned Mosaic Park will provide an attractive amenity to both the surrounding neighbors and future residents of Founders Square.
When it became apparent that a leading Virginia employer, DARPA was intending to move from its former Ballston location due to national security concerns, the Commonwealth of Virginia and the County of Arlington began an intense process to determine if a suitable location could be found which would also satisfy these safety issues. The Shooshan Company, working with its architect, RTKL, were able to meet these strict requirements and, after intense negotiations, were able to sign a long-term lease for the first phase office building. These actions saved over 1500 jobs in Arlington County and provided the anchor for this development.
WMATA was able to receive compensation for the property at an increased value, due to higher development density allowed by the property rezoning, which paid for a proportionate cost of the new West Ox bus facility and for needed operating funds.
This sale was selected by the Commercial Investment Real Estate magazine of the Commercial Real Estate Institute (CCIM) of the National Association of Realtors as one of the top ten CCIM transactions for 2009 and is featured in the March-April 2010 issue (www.ccim.com)
|April 2001||WMATA Board approved Ashton Park Associates, LLC as the Selected Developer of the Arlington Bus Garage property and authorized staff to negotiate a Term Sheet|
|September 2005||Board approved extension to negotiate a Term Sheet with Ashton Park Associates, LLC|
|January 2006||Board approved Term Sheet and to negotiate a Sale and Development Agreement with Ashton Park Associates,LLC|
|December 2006||Board approved Sale and Development Agreement with Ashton Park Associates, LLC|
|April 2001 to July 2008||Ashton Park Associates, LLC works with Arlington County to obtain additional density for development and to assemble other parcels|
|November 13, 2008||Closing on Lot #1 for $12.8 million|
|On or Before December 2010||Closings on Lots #2, 3 and 4 for additional $15.4 million|
Office of Station Area Planning and Asset Management
Washington Metropolitan Area Transit Authority
600 5th Street, NW
Washington, DC 20001
The Shooshan Company
4075 Wilson Boulevard, Suite 440
Arlington, VA 22203
703-527-8600, ext. 223