Back in 2015, Metro was offering the old 48,500 square foot Bus Barn at 600 N. Royal Street in the Old Town North neighborhood of Alexandria, Virginia as a ground lease development opportunity. After several attempts to find a winning bid, the Metro made the 2-acre property available for purchase.
Washington Business Journal has now confirmed that Trammel Crow residential (TCR) has purchased the property. There is no word on what their plans for the property are in Alexandria. The previous high bid for the property was in excess of $25 Million. The current assessed value of the property by the City is $18.1 Million in 2018.
“Metro is pleased with the sale to Trammell Crow Residential and is excited to see that the Royal Street Bus garage site is going to be revitalized while building the city’s economic base,” said Nina Albert, Metro Director of Real Estate.
“We are excited for the opportunity to work with the city, staff, and community to design and build a project that embraces the vibrancy of North Old Town,” said Trey Kirby, Vice President of TCR, a national multi-family real estate developer.
As we have mentioned previously, the property is currently zoned CM, which allows townhouses at 30 dwelling units per acre. A Royal Street Bus Garage Ad Hoc Advisory Committee, appointed by the City Manager of Alexandria, has concluded that a potential rezoning to a higher density CRMU-zone and a maximum floor area ratio of 2.5 should be considered in the reuse of the site, as well as heights up to seventy feet in selected portions of the site. The Committee was appointed to recommend design principles for the future redevelopment of the Property.
In 2017, the City Council created the Old Town North Small Area Plan, an initiative to drive economic development. TCR believes it is best positioned to help fulfill that vision.
“We are big supporters of the live, work, play principles promoted within the Small Area Plan and believe the collective efforts of all involved will create a community that strengthens an already strong neighborhood,” said Kirby.
From here, TCR will begin the rezoning process by engaging neighborhood groups and the city.