ARLINGTON, VA. — Crescent Communities, in its first partnership with Rockefeller Group, has closed on a land sale for the future development of NOVEL Arlington. Early plans for the community call for 493 apartments and 37 townhomes rented at both affordable and market rates. Rent caps were not disclosed.
The site, 5.5 acres at 2480 South Glebe Road, is about 3 miles west of Ronald Reagan Washington National Airport. Two existing hotels on the parcel are expected to be demolished to make way for the LEED Gold-targeted project. Completion is slated for early 2028.
The joint venture development partners have secured an undisclosed amount of equity financing from Shimizu Realty Development and Mitsubishi Estate New York, a U.S. affiliate of Tokyo-based Mitsubishi Estate Co. Construction financing from Sumitomo Mitsui Trust Bank New York Branch is also supporting the project.
Additional partners include Bohler D.C. (civil engineer), Hord Coplan Macht (architect), John Moriarty & Associates (general contractor), LandDesign (landscape architect), Streetsense (interior design) and Structura (structural engineer).