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Whiskey Tango Foxtrot
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In Alexandria, Zell and Hines partner to develop one of region's tallest apartment towers

JM Zell Partners Ltd. and Hines Ltd. will jointly develop the first building within the 6-acre Carlyle Plaza Two, a long-planned four-tower office and residential complex south of Eisenhower Avenue in Alexandria.

And what a building it is. Designed by Bernardo Fort-Brescia of Miami-based Arquitectonica International Corp., the 382-unit apartment project will rise to 34 stories and 354 feet, offering virtually unobstructed views of Mount Vernon, MGM National Harbor and the Washington Monument. It will be among the region’s five tallest residential buildings, rivaling those planned for Rosslyn.

The design features three rectangular blocks of nearly equal height, with the middle block slipped roughly 25 feet to the south to create a cantilever effect. The result of the cantilever are two large outdoor terraces, one on the 16th floor and another on the 26th. There will be a fifth-floor amenity terrace, with pool, as well. The unit breakdown: 5.9 percent studios, 62.2 percent one-bedroom and 31.9 percent two-bedroom.

“They want an iconic building,” Jeffrey Zell, JM Zell president, said of Alexandria. “They now have an iconic building.”

The development site is immediately east of The Alexan apartment building and north of the Alexandria Renew Nutrient Management Facility and multiuse field that opened in October.

Alexandria approved the basic development plan for Carlyle Plaza Two in 2012 — for 631,114 square feet of office in two towers and 632,056 square feet of residential in two more towers. Two years later, after Zell lost the National Science Foundation competition to the nearby Hoffman Town Center, the plan was amended to offer the option of converting 325,000 square feet of the office density to hotel and residential.

Still, nothing happened at Carlyle Plaza Two, as Zell considered a variety of development plans. Then, about six months ago, he found Hines as a partner, and the two are picking up the pace. By the end of 2016, Zell said Thursday, they hope to break ground.

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:D My beautiful Alexandria is growing up!
 

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Zell's Alexandria tower hits a $50M hurdle

JM Zell Partners' Carlyle Plaza South apartment tower has hit a roadblock.

CEO Jeff Zell brought on Hines LP in 2016 as a partner to deliver $50 million in equity for the $162 million project on the Eisenhower Avenue corridor. But Hines’ equity connection in China can’t get the money out of Asia, Zell said, leaving the development on hold, if only briefly.

The hiccup, first reported by Bisnow, will likely mean the end of the partnership between Zell and Hines, Zell said Thursday. While he’ll have to give Hines a week or two more, once that deadline passes, “I’m going back out and trying to refinance on a traditional basis.”

“They’re going to get moved out,” he said of Hines.

Hines executives were not immediately available for comment.

The 368-unit, 386-foot-tall Carlyle Plaza South, located at 340 and 350 Hooffs Run Drive, will tower over the Capital Beltway and Eisenhower Avenue. Designed by Miami-based Arquitectonica, the glass building features three blocks, divided to appear as six rectangular pieces, atop a podium, and a connected four-story, red-brick liner building with eight elevator flats.

The next step, to get the project moving, will be to target a new equity partner, probably in the U.S.

The development is ready to go otherwise, Zell said, with plans and permits in place. He has bank financing lined up for the debt side of the equation, though he can’t commit to the debt until the equity is in place.

“It’s like fumbling the ball on the 2-yard-line,” the developer said, adding that Hines didn’t do anything wrong. It just got caught up in “all the craziness” surrounding money and trade on the world stage.

And speaking of that craziness, Zell also said his project will cost $3 million more than originally anticipated because of recently adopted steel tariffs.

The project is the first piece of Carlyle Plaza Two, a 6-acre site planned for four towers — office, residential or both. How it proceeds may depend on whether Amazon.com Inc. (NASDAQ: AMZN) selects Northern Virginia for its second headquarters.
https://www.bizjournals.com/washington/news/2018/07/26/zells-alexandria-tower-hits-a-50m-hurdle.html
 
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