ARLINGTON, VA. — Penzance, a locally based commercial real estate development and management firm, has received approval from Arlington County for a proposed three-tower, luxury mixed-use development in Arlington’s Rosslyn district. Dubbed One Rosslyn, the new development will deliver more than 970,000 square feet of rental apartments, for-sale residential condominiums and retail space along Gateway Park, which will replace the current Rosslyn Gateway office buildings. Upon completion, One Rosslyn will deliver a total of 845 residential units.
Penzance is developing the project in partnership with Boston-based investment manager The Baupost Group. STUDIOS Architecture and Hickok Cole collaborated to design the three-tower composition.
One Rosslyn’s south tower will stand the tallest at 300 feet, while delivering 461 residences across 434,000 square feet. The northwest apartment tower, which is the second tallest building, will span 356,000 square feet and include 311 rental units. Lastly, the project’s northeast tower will offer 73 for-sale condominiums across 195,000 square feet. Residents will also have access to a private, 30,000-square-foot landscaped terrace overlooking Gateway Park.
Additionally, the ground level will provide more than 14,000 square feet of curated retail space along all four blocks of the property.
Designed to enhance walkability and encourage multimodal transportation, public spaces in the new development will see significant upgrades, including expanded sidewalks more than 18 feet wide, the addition of 400 feet of dedicated bike lanes and the planting of numerous trees along the street.
“The project’s emphasis on walkability, green space and street-level retail will create new energy along this Gateway Park corridor and is set to become a capstone to the neighborhood’s evolution,” says Mary-Claire Burick, president of the Rosslyn Business Improvement District.
Situated at the end of Key Bridge, which is undergoing a $2 billion reconstruction, One Rosslyn will offer views of Washington, D.C., and the Potomac River gorge, with immediate access to Georgetown and the National Mall.
According to Fox Homes Team, construction on the project is expected to begin in late 2026. Additional details about the project’s timeline were not disclosed.
Penzance recently received approval from Arlington County for another project in the city: an office-to-residential project in Arlington’s Ballston neighborhood.
Founded in 1996, Penzance has capitalized on more than $4.4 billion of managed gross asset value across the Mid-Atlantic, while acquiring over 10 million square feet of commercial real estate including industrial, data center, retail and office properties, as well as almost 5,000 residential units. Penzance currently manages more than $1.1 billion of discretionary capital through its flagship fund series.
— Abby Cox