Newsroom
For Immediate Release
Friday, January 12, 2007
Contact: Mary Curtius 703-228-7943 (voice) 703-228-4611(TTY)
Arlington County, Developer Reach New Agreement on North Tract
ARLINGTON, Va. – Arlington County and Monument Realty, LLC have reached a new agreement to exchange land at the North Tract site, along the northern end of Crystal City, that provides the County with a prominent gateway location for a planned 30-acre aquatics and sports facility.
The new agreement between the County and Monument replaces a land exchange that was undermined last year by the softening of the condominium market. Monument said that the new realities of the real estate market had made the original deal unworkable.
Arlington County Manager Ron Carlee welcomed the new agreement. “Now that we have amicably resolved the land exchange, we can finalize the design and phased construction of the facility planned by the North Tract Design Advisory Committee and approved by the voters and County Board,"Carlee said.
The new agreement includes several elements of the previous agreement. Under the new agreement, the County will exchange a parcel it owns on the south end of the North Tract site for a larger parcel owned by Monument Realty on the north end -- the parcel known as "Twin Bridges." The County will acquire slightly more than two-and-a-quarter additional acres for its recreational facility. It also will receive approximately $3 million in community benefit payments. It will receive an estimated increased annual tax revenue of $2.5 million.
Instead of receiving the $25 million payment from Monument that would have been generated at the peak of the condo boom, the County will retain at least 150,000 square feet of development rights. The retained development rights have a potential value estimated at $9 to $13 million. The County is still assessing how it will use its retained development rights to provide additional resources for the development of the North Tract site.
Monument now plans to build a mixed-use project on the County land it is acquiring instead of the 608 condominium units it had previously planned.
Monument is expected to submit its proposed mixed-use site plan soon to the Arlington County Board. Typically, the County process of review and consideration takes four to six months. The land exchange will be finalized upon the board’s approval of Monument’s site plan.
Phased development
The County now is developing a plan for the phased development of the North Tract site. The park will include trails, playing fields, an aquatics center, and fitness space. Timing of construction of the different elements will depend on updated cost estimates and available resources. It is expected that a phasing plan will be adopted in the first half of 2007.
Federal planners have long recognized the Twin Bridges site, as it is known, as highly appropriate for a significant public facility. The National Capital Planning Commission’s 2001 Memorials and Museums Master Plan included the site on a list of about 100 prime museum and memorial sites in the region and called it “an important and highly visible setting.”
Enhances world-class venue
- The two-and-a-quarter acres added to the North Tract facility by the acquisition will create a more rectangular shaped property, allowing Arlington to maximize use of the site.
- North Tract will now comprise 30 acres.
- More acreage is added outside the restrictive airport approach path.
- The improved shape of the North Tract will improve access from I-395 and Route 110, expanding recreational opportunities.
- The acquisition enables Arlington to locate the indoor aquatics, sports and fitness center on the “Twin Bridges” site, thus showcasing a signature building and architectural landmark at a prominent location.
- Relocating the building will improve the phasing plan by allowing contiguous development of recreational facilities in Phase I.
- The community will enjoy a vastly improved recreational facility.
- Arlington receives land that is best suited for a landmark gateway and the monumental views are preserved for future generations.
- In exchange, the developer receives property located at the north side of Crystal City that can be more appropriately developed for private uses, along with an adjacent residential project approved by the County Board on July 12, 2005.
Arlington, Va., is a world-class residential, business and tourist location that was originally part of the "10 miles square" parcel of land surveyed in 1791 to be the Nation's Capital. It is the geographically smallest self-governing county in the United States, occupying slightly less than 26 square miles. Arlington maintains a rich variety of stable neighborhoods, quality schools and enlightened land use, and received the Environmental Protection Agency's highest award for "Smart Growth" in 2002. Home to some of the most influential organizations in the world - including the Pentagon - Arlington stands out as one of America's preeminent places to live, visit and do business.
