ARLINGTON, VA. — FCP has provided $47.1 million in equity to Insight Property Group and PGIM for the development of Mira and Ador, two adjacent towers anchored by a 40,000-square-foot grocery store in Ballston Quarter, a mixed-use development in the Ballston neighborhood of Arlington. Located at 685 N. Glebe Road, the project is being developed on the site of a former Macy’s department store. Work is underway, and completion is slated for 2028. SK+I is the architect. The community has been designed to LEED Gold certification standards.
Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia DC Metro arranged the preferred equity investment. Michael Zelin, Marshall Scallan and Bindi Shah of Cushman & Wakefield arranged a senior loan. Bill Collins, Paul Norman and Shaun Weinberg of Cushman & Wakefield brokered the land sale. The all-in development cost was not disclosed.
Mira and Ador both will be 16-story towers with a combined total of 553 units, 12 of which will be set aside as affordable for tenants earning no more than 80 percent of area median income. Amenities will be different in each tower. Ador amenities include a coworking lounge, fitness center, a penthouse-level piano lounge and outdoor dining and entertainment spaces, grilling stations and dog amenities. Ador will feature a lobby hospitality area and coffee bar, private office rooms, a yoga studio and an entertainment area and sunroom. Residents of both towers have access to a shared rooftop pool and sundeck and a variety of outdoor amenities. Resident parking will be underground, with grocery store customers accessing a separate parking deck with a dedicated entrance.