ARLINGTON, VA — A 240,000-square-foot office property in Arlington's Ballston neighborhood is being redeveloped into a seven-story apartment building with 328 residential units, part of an ongoing effort to convert underused commercial properties into housing.
Real estate developer Penzance announced Friday that it has broken ground on Ballston One, a redevelopment project at 4601 North Fairfax Drive near Interstate 66 and Ballston Wetland Park.
The project follows three years of planning, community engagement and coordination with Arlington County officials. In addition to the new apartments, the development will include pedestrian and bicycle improvements, sustainability features and a contribution of more than $3.2 million toward affordable housing in Arlington County.
Ballston One will replace an existing office property with a seven-story residential building while retaining and upgrading the property's two-story underground parking garage.
Penzance said reusing the existing garage rather than constructing an entirely new underground structure is expected to reduce carbon emissions by approximately 40 percent.
The development is targeting LEED Gold certification and approximately 24 percent energy savings.
Planned environmental features include a green roof, bird-friendly glass, lighting designed to reduce light pollution, electric vehicle charging infrastructure, all-electric appliances and low-flow plumbing fixtures.
The project also is expected to provide approximately 16 percent tree-canopy coverage, exceeding Arlington County's 10 percent requirement.
"Ballston One is about giving an existing property new life, and consistent with Penzance's mission, leaving the community better than we found it," Josh Bowden, senior vice president of development at Penzance, said in a statement.
"We have been investing in Arlington County for decades and this project represents our long-term conviction in the area's strength," Bowden added. "This project transforms an underutilized office property into much-needed housing, reducing office vacancy, supporting economic vitality, and focusing on sustainability."
As part of the redevelopment agreement, Penzance will contribute more than $3.2 million toward affordable housing in Arlington County.
The development also includes public improvements intended to strengthen pedestrian and bicycle connections in the Ballston neighborhood.
Plans call for a new shared-use path along North Fairfax Drive, additional trees and intersections and crossings designed to comply with the Americans with Disabilities Act.
The improvements are intended to provide better connections between the residential development, Ballston Wetland Park and the Custis and Bluemont trails.
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The property is also approximately 800 feet from the planned second entrance to the Ballston Metro Station.
Arlington County Board Chair Matt de Ferranti said the redevelopment demonstrates how the county can adapt existing commercial properties to changing economic and housing needs.
"Ballston One is a great example of that approach in action," de Ferranti said. "Not only will this project replace an obsolete office building with hundreds of much-needed housing units in a transit-rich location, but it also makes a sizable contribution to the Affordable Housing Investment Fund reflecting our shared and ongoing commitment to building more affordable housing in our community."
The redevelopment comes as Arlington continues to explore ways to reposition aging office properties and support residential development along the Rosslyn-Ballston Corridor.
Anna K. Nissinen, Arlington County's chief economic development officer and director of Arlington Economic Development, said projects such as Ballston One reflect the county's efforts to adapt its existing commercial areas.
"Arlington's next chapter is about reimagining what a mature urban economy can become," Nissinen said. "We are building on decades of investment while adapting our built environment to the needs of tomorrow."
Penzance, founded in 1996, is a Mid-Atlantic real estate investment and development firm with holdings in multifamily residential, industrial, data center and commercial properties.
The company said Ballston One represents its continued investment in Arlington County and its strategy of redeveloping existing properties for new uses.
Penzance did not announce an anticipated completion date, apartment rental rates or when leasing would begin.
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