Builders in the Carlyle section of Alexandria apparently see no threat from the real estate slowdown gripping the region.
Last week, just two blocks from the new U.S. Patent and Trademark Office, officials from Trammell Crow Residential broke ground on the development of Alexan Carlyle, a 280-unit rental apartment community. The first units are scheduled to deliver in the third quarter of 2009.
Alexan Carlyle will loom five stories over the Carlyle section and feature resort-style amenities such as a pool, clubhouse, exercise room, billiards room and business center.
The single building, designed by Cubellis DCA, incorporates three distinct architectural styles. One portion of the building reflects the classic Federal architecture of nearby Old Town; another has art-deco flair; and the third brings to mind airy loft dwellings created from urban warehouses, said Chip Bay, senior managing director of Trammell Crow Residential’s D.C. operations.
“This site is as good as any location in the Washington metro area,” Bay said. “Carlyle offers proximity to jobs and entertainment too.”
The project will cost $94 million in a joint venture between TCR and Olayan America Corporation, with construction financing provided by PNC Bank. It will be located on a 2.8-acre parcel located at 800 John Carlyle Street.
Anchored by the two million square foot PTO complex completed in 2005, the 77-acre Carlyle neighborhood is master-planned for a high-density, urban mixed-use center that includes office, retail, and residential development.
Trammell Crow Residential is a Dallas-based multi-family real estate firm operating in 50 of the nation’s apartment markets. The firm has developed 200,000 apartment units in most major markets.