Lowe, USAA Break Ground on Multifamily Redevelopment Project in Northern Virginia
ALEXANDRIA, VA. — Lowe and USAA Real Estate have broken ground on Park + Ford, an adaptive reuse project of two former office buildings within the Park Center complex in Alexandria. The two 14-story properties will feature 435 apartments upon completion. Also on the campus is an office building at 4300 King St. that includes a 55,000-square-foot X-Sport Fitness club.
Apartments will include studio, one- and two-bedroom floor plans fitted with contemporary fixtures and appliances with a nod to Alexandria’s industrial history. Park + Ford will feature indoor and outdoor common areas for coworking, small gatherings or individual use.
The apartment conversion is anticipated to be complete in 2021. The project team includes Bonstra | Haresign Architects and Whiting-Turner Contracting Co. Lowe will continue to manage the office building at 4300 King St. through its property management affiliate, Hospitality at Work.
Lowe and USAA acquired the office campus in 2018 and financed the acquisition and conversion with a $128 million loan from Newport Beach, Calif.-based PIMCO.