Work Begins on Suburban DC Community

Published in Multi-Housing News. By Dees Stribling

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The Altaire will be composed of two towers with views of D.C.’s monumental core and the Potomac River.

Crystal City, Va.—LCOR has obtained a $100.3 million construction loan from Wells Fargo for the development of The Altaire in Crystal City, Va., a suburb of Washington, D.C. Now that financing is in place, construction is under way, for a completion in the second quarter of 2018.

The project will be built on the site of an office building originally built in the late 1960s. LCOR acquired the property from Lerner Enterprises in 2012 for $39 million, and the building was vacated by its former government tenants as a result of the Base Realignment and Closure process, with demolition of the structure occurring last year.

As a residential property, The Altaire will be composed of two towers with views of D.C.’s monumental core and the Potomac River. The first tower will include 150 rental units, while the second tower will offer 300 units; all of the units will be high-end market rate. Each building will feature floor-to-ceiling glass façades and several balconies.

Common amenities will include a landscaped courtyard, outdoor pool area with fire pits, a fitness center, a club room and sky lounge. Both buildings will also come with roof top terraces overlooking D.C., and the project is within a half-mile of the Pentagon and Pentagon City Metro stations.

Balfour Betty is the development’s general contractor, while SK & I is the architect and Akseizer Design Group is the interior designer. The building is slated for LEED Gold certification.

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LCOR lands $100M in financing for huge Crystal City apartment project

Published by the Washington Business Journal. By Michael Neibauer.

The Altaire will feature a large amenity space between its two residential towers, one featuring condos and the other, apartments. Photo courtesy of the Washington Business Journal.

An evening, illustrative view of LCOR's The Altaire, that will replace the existing office building at 400 Army Navy Dr. Photo courtesy of the Washington Business Journal.

A rendering of LCOR's The Altaire, a 450 unit residential building in Crystal City that will feature unobstructed views of D.C.'s monuments. Photo courtesy of the Washington Business Journal.

An illustrative rendering of LCOR's The Altaire, formerly 400 Army Navy Dr., looking north toward the private drive. Photo courtesy of the Washington Business Journal.

LCOR Inc. is expected to begin construction this month on a 20-story residential building in Crystal City after landing $100 million in construction financing.

The Altaire, at 400 Army Navy Drive, will feature dual towers, one with 150 “top of the market luxury” rental units, and the second with 300 high-end units. Wells Fargo provided the $100.33 million loan. Balfour Betty is the general contractor, SK&I the architect and Akseizer Design Group the interior designer.

The 500,000-square-foot project from the Berwyn, Pennsylvania-based LCOR is scheduled to deliver in the second quarter of 2018. Located on Crystal City’s border with Pentagon City, The Altaire will be located within half of a mile of both the Pentagon and Pentagon City Metro stations. Amenities will include a landscaped courtyard, outdoor pool with fire pits, fitness center, club room, “sky lounge” and rooftop terraces overlooking D.C.

It will replace the “Paperclip building,” a 230,000-square-foot, nearly 50-year-old office property that LCOR acquired from Lerner Enterprises in late 2012 for $39 million. The Lerner building was left vacant by the Base Realignment and Closure actions.

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