22A — January 22 - February 18, 2021 — Economic Development — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
E conomic D evelopment
Proposed development would revitalize the West End of Alexandria by transforming mall site Alexandria, development p’ship., Inova Health Systemannounce plans formixed-use community A
NEWARK, NJ — “Today’s announcement represents the single most critical moment in Newark’s revival as a business location in a generation,” said John Saraceno , principal of Onyx Equities, LLC , owner and operator of Gateway 1, 2 and 4. “Many companies are re-thinking their long-term plans, and the shared vision for Newark Penn Station among NJ Transit, the City of Newark, and the Murphy administration is sure to el- evate Newark as a prospective location for businesses. “With the improvements Onyx is making to our Gate- way complex, nearly $200 million is being invested in Newark’s front door which is sure to stimulate even more activity in an area that al- ready had renewed energy. “Gateway’s new “Jewel Box” entryway and redeveloped concourses will provide trav- elers to Newark Penn Station with world-class street level and indoor access from New- ark Penn Station not only to Gateway, but to the balance of the downtown business district. “These improvements to The proposed development would revitalize the West End of Alexandria by transforming the unoccupied, enclosed mall site into a mixed-use, walk- able urban village. Inova, the leading nonprofit health care provider in Northern Virginia, would invest $1 billion to cre- ate a new medical campus, anchored by the relocation and expansion of its Alexandria Hospital and more than 2,000 health care workers. Develop- ment plans on the balance of the site include residential, retail, commercial, and enter- tainment offerings integrated joint venture that in- cludes Foulger-Pratt, The Howard Hughes Corporation and Seritage Growth Properties an- nounced an initial agreement with the City of Alexandria and Inova Health System to advance the development of the much-anticipated four mil- lion s/f community to include a new hospital campus at the site of the former Landmark Mall.
the Landmark site would allow for comprehensive, patient- centered programs and services that include a larger emergency room; private patient rooms; and the Inova Schar Cancer In- stitute at Alexandria Hospital, which would offer full cancer services, including radiation and infusion. The hospital would be one of only three Level II trauma centers in Northern VA, seven statewide, and 270 nationwide, providing 24-hour specialty services for brain in- juries, complex fractures, and other trauma care. T As part of this collaboration, Inova intends to work with the community to request that the City rezone the current Inova Alexandria Hospital site on Seminary Road to permit a va- riety of residential uses, to fa- cilitate the sale of the property in advance of the relocation to the Landmark site. The new facilities at Landmark join the broader plan for Inova’s East- ern Region, which includes the previously announced construction of an ambulatory facility that will become an integral part of Alexandria’s Oakville Triangle / Potomac Yard community. “Building catalytic develop- ments that redefine communi - ties requires true partnerships that successfully harness the critical drivers and get the job done,” said David O’Reilly, CEO of The Howard Hughes Corp. “The City of Alexandria, Inova, and our development partners are coming together to transform the former Land- mark Mall and revitalize a significant site at a critical time, both for the project and the entire community.” The proposal includes the use of $54 million in public bond financing to allow the City to acquire the land for the hospital and lease it to Inova, as well as $76 million in public bond financing for site preparation and infra- structure at the Landmark site and adjacent Duke Street and Van Dorn Street corri- dors. These investments are expected to generate $778 million in City tax revenue over the 30-year life of the bonds, which will cover the principal and interest on the bonds as well as contribute to public safety, schools, hu- man services, transportation, environmental protection, and other expenditures in the City’s general fund. MAREJ
Inova. This redevelopment would bolster our economy, providing mixed-income hous- ing, new municipal facilities and services, and new open space in support of the health, wellness and quality of life of our entire community.” The 52-acre Landmark site is one of the most desirable large- scale underdeveloped sites remaining within the Capital Beltway. The site is adjacent to I-395 in Alexandria’s West End, with close proximity and convenient access to Washing- ton, National Landing, and Old Town Alexandria. The site was under consideration for devel- opment by its owners for years, and the City has maintained an unwavering, shared vision and commitment to its revital- ization. This support from the City—along with Inova’s in- tent to relocate and expand the services of the existing Inova Alexandria Hospital and the formation of the Foulger-Pratt, Howard Hughes and Seritage partnership—provided the critical drive for the advance- ment of the project. “Foulger-Pratt is thrilled to play a role in bringing this long-anticipated project to frui- tion,” said Cameron Pratt, CEO of Foulger-Pratt. “The trust and productive working relationship among our joint venture, the City of Alexan- dria, and Inova has allowed us to reach this critical milestone. We appreciate the confidence placed in Foulger-Pratt to execute this transformative project.” “The City of Alexandria continues to be a great part- ner in our mission to provide world-class health care to the communities we have the priv- ilege to serve,” said J. Stephen Jones, MD, FACS, president and CEO of Inova. “We are thrilled for the potential to build a new hospital and medi- cal campus, one that would allow us to expand our seam- less system of care, increase our services, and elevate the facilities in Alexandria and throughout the region for de- cades to come.” For more than a year, Inova has been developing a plan to meet the health care needs of those who live in its Eastern Region (Alexandria, Mount Vernon, and Springfield), in - cluding options for the mod- ernization of Inova Alexandria Hospital. As the new location for Inova Alexandria Hospital,
Mixed-use master redevelopment
into a cohesive neighborhood with a central plaza, a network of parks and public spaces, and a transit hub serving bus rapid transit (BRT), DASH, and Metrobus. Affordable and workforce housing would be enhanced through developer contributions and co-location with community facilities such as a new Alexandria Fire-EMS station. Construction at Land- mark could begin as soon as 2023, with the first buildings delivered in 2025. “This plan for the future of
the Landmark site is exciting, long-awaited news for our community,” said Alexandria Mayor Justin Wilson . “The project would be a catalyst for the West End, providing sig- nificant benefits for Alexandria and the region at a time when focus on our long-term future is critical. Inova Alexandria Hospital has been an anchor in our city for generations, and a new, modern hospital facil- ity at Landmark would be the perfect site for the world-class care that is synonymous with
Onyx Equities praises New Jersey Transit’s $150M renovation project
Gateway’s new “Jewel Box” entryway
Newark’s front door will be transformational not only because they enhance the commuter experience with a compelling retail environ- ment, but because they pro- vide a new customer base to Newark’s local business com- munity.” Onyx Equities and its part- ners purchased 1, 2 and 4
Gateway in 2018, immediately implementing an extensive capital improvement proj- ect that includes 10,000 s/f of street facing retail that, together with the Newark Penn Station renovations, will transform the Gateway section of Newark into a bus- tling center of international commerce. MAREJ
Made with FlippingBook - professional solution for displaying marketing and sales documents online