F.C. Council to Consider Property Sale to Settle Atlantic Realty Case

July 15, 2013 2:26 PM0 comments

At its work session tonight, the Falls Church City Council will consider the sale of its 201 W. Broad St. property to Atlantic Realty as part of an overall settlement of differences that arose out of the company’s failure to implement its $314 million City Center plan approved five years ago.

The plan ran into the teeth of the great recession, and as the City negotiated subsequent smaller development deals — for example, for the Rushmark Harris-Teeter project — it ran afoul of Atlantic Realty’s claim to the original plan. That dispute will be settled with a component being the City’s sale of the 201 W. Broad. As Atlantic Realty is the owner of the 101 W. Broad property (where Ireland’s Four Provinces is located), it will work to consolidate more properties in that block to develop another major project. Part of the deal will be to give the City access to use of the second level of the parking deck behind Ireland’s Four Provinces.

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