- Richmond Hwy and Russel Rd, Alexandria, VA 22309

Listed 03/01/2018
Active

Description

Prime redevelopment opportunity at a signalized intersection on the Richmond Highway corridor.

Located in the southeastern portion of Fairfax County, the Richmond Highway corridor extends from the City of Alexandria boundary, south along Richmond Highway (U.S. Route 1) to Fort Belvoir. This corridor enjoys easy access to the Capitol Beltway (Interstates 95 and 495), Fairfax County Parkway and contains the terminus for the Metrorail Yellow Line at Huntington.

The corridor is dominated by retail development--nearly 4 million square feet, more than 1 million square feet of office space and nine hotels with more than 1,000 rooms. In addition, the Department of the Army and its contractors at 8,700-acre Fort Belvoir occupy 10 million square feet of office space on-post.

Fort Belvoir, one of the largest employers in Fairfax County and home to more than 40,000 civilian and military personnel in nearly 100 agencies, is the site of the second-largest action resulting from the national 2005 Base Realignment and Closure Act (BRAC), producing expansion of healthcare services and the Warrior Clinic.

Major employers in the corridor include the Defense Contract Audit and Defense Logistics agencies, Inova Mount Vernon Hospital, the Department of the Army and USA Mobility.

This market also contains numerous points of historical interest and natural beauty, including Fort Hunt Park, Huntley Meadows Park, George Washington’s Mount Vernon Estate and Gardens, the Frank Lloyd Wright designed Pope-Leighey House, River Farm, and Woodlawn Plantation.
As one of the first commercial districts in Fairfax County, the Richmond Highway corridor has its own economic development agency, Southeast Fairfax Development Corp (SFDC). Portions of the Richmond Highway corridor have been designated as one of the six Community Business Centers. The corridor Business Centers are comprised of Beacon/Groveton, Hybla Valley, North Gateway, Penn Daw, South County and Woodlawn.
Richmond Highway’s close proximity both to leading visitor attractions like
Old Town Alexandria, George Washington’s Mount Vernon Estate, Woodlawn Plantation, and Gunston Hall, along with the expansion of Fort Belvoir, have combined to make the corridor an attractive investment for hospitality developers. Since 2009, six new hotels have been built, representing more than 27 percent of all hotel rooms on the corridor.

The corridor in addition to the growth in hospitality has experienced substantial development in multi-family with three projects completed totaling 943 units, one under construction with 400 planned units and two in final planning totaling 559 units. The corridor is also home to three new pharmacy sites and three new financial institutions.

Property Details

Status

Active

For Sale / For Rent

For Sale

MLS#

11199512

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