While the contract has been signed by both parties on the acquisition by developer Bob Young’s Jefferson One group of the 360 S. Washington St. office building in Falls Church, the deal includes provision for a “study period” to establish, among other things, the ability to secure financing by Young, the News-Press learned today.

Young told the News-Press his plan will be to demolish the existing building and construct an all-commercial office building, and that he will work in tandem with the adjacent property owned by the Falls Church Housing Corporation to help enable the construction of a senior affordable housing structure there.

Young stated that he intends to continue the use of “Art Nouveau” architectural themes for his new buildings in Falls Church, along the lines of the Read Building at 402 W. Broad and the popular Flower Building at 800 W. Broad. He said that his preliminary plans for a building at 706 W. Broad, which was formerly to be a Hilton Garden Inn before financing issues deterred that project, also involve variations on the same architectural theme.

As a by-right development, Young’s plans for the 360 S. Washington site will require only a site plan approval from the Falls Church Planning Commission to move ahead. The subject will be introduced at the Falls Church City Council’s work session tonight.