Developer Closes $100 Million Construction Loan for New Apartment Building

PHOTO: Image of The Altaire, a new luxury apartment building going up in Crystal City, courtesy of LCOR

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ARLINGTON, VA -- Real estate company LCOR, which specializes in property development, investment and management, has closed on a $100.325 million construction loan from Wells Fargo for the development of The Altaire in Crystal City, the company announced Monday.

Construction on the 1.77 acre property, The Altaire, is set to begin this month and is expected to be completed by 2018, the company said. The property is located at 400 Army Navy Dr., the site of a former office building that once housed federal offices but was vacated due to the Base Realignment and Closure (BRAC) process, according to a report by Washington Business Journal.

“LCOR is excited to start construction on The Altaire, which will be a great compliment to the burgeoning neighborhood connecting both Pentagon City and Crystal City, especially with the arrival of Whole Foods,” said Harmar Thompson, senior vice president of LCOR. “We are focused on providing a dynamic, LEED Gold multifamily development with distinctive architecture that will be an enduring complement to the community.”

The 20-story development with views of the Potomac and DC, will include 150 “luxury” rental units, while the second tower will offer 300 “high-end” rental units, according to LCOR. Each building will feature floor-to-ceiling glass façades and several balconies looking toward DC.

Balfour Betty is the general contractor, while SK & I is the architect and Akseizer Design Group is the interior designer for this project. The building is slated for LEED Gold certification, featuring state of the art technology with the latest energy efficient mechanical systems, according to LCOR.

Top of the line amenities will be available to residents including:

• A landscaped courtyard
• Outdoor pool area with fire pits
• An expansive fitness center
• A club room and sky lounge

Both buildings will also feature roof top terraces overlooking D.C.’s monuments. Other amenities include easy access to Metro, a new Whole Foods and nearby retailers, restaurants and hotels.