Described as “a residential and commercial anchor for the City’s Arts and Cultural District,” the Todd Hitt company of Kiddar Metz, recent purchasers of three acres at the northeast corner of Falls Church’s downtown crossroads, the intersection of Washington (Rt. 29) and Broad (Rt. 7), announced it has filed an application with the City of Falls Church for the redevelopment of that property. The new project would include over 100,000 square feet of commercial space to include a grocery anchor (earlier reported as a Whole Foods store), restaurants with outdoor dining, neighborhood-serving retail stores, 36,000 square feet of commercial office space, and 324 apartments.
“This mix of space will yield a net fiscal surplus of $3.3 million each year and over $60 million in the next 20 years,” Hitt, president and CEO of the Reston-based Kiddar Metz, said in a press release issued today.
“Additionally, we expect the office and retail to support over 200 full tijme jobs. The venture involves also the Arlington-based Insight Property Group, whose CEO Richard Hauser added in the release, “In addition to the fiscal surplus, this project will bring new life and energy to downtown Falls Church. This project falls within the City’s core entertainment area, which already includes existing restaurants and the State Theatre. We believe this area of the community will really come alive with this project and grow into a local and regional destination.”
The combined Kiddar Metz and Insight Property Group project was submitted to City Hall under the name of “Broad And Washington, LLC.” The three-acre property encompasses 100 N. Washington St., 127 E. Broad Street and 130 E. Broad Street. The property is currently home to a commercial office building, and Applebee’s restaurant and a medical office building. According to their statement today, “The planned 324 apartments will appeal to young professionals, millennials, and empty nesters.
It added, “There is proven demand for authentic downtown living in walkable and bike-friendly mixed-use settings with access to major employment centers,” according to Insight Property Group Partner Maury Stern. “This project will fulfill that demand along with a large underground/covered structure parking garage that will have space for residents, retailers, and the public.”
Broad and Washington proposal specifics: include 324 apartments, 36,000 square feet of office, 20,000 square feet of neighborhood serving retail, 50,000 square feet of grocery retail, a four-level underground parking garage, and a net fiscal impact in excess of $60 million over 20 years.
This Falls Church acquisition is part of Insight Property Group’s growing presence in the DC-Metro Area real estate market, today’s statement added. “Insight Property Group has nearly 1,000 residential units and 100,000 square feet of retail and commercial space currently under development. These projects include Apollo (apollodc.com) in the Atlas District of Washington DC, Fenwick (fenwickapts.com) in Silver Spring MD, The Shelby (theshelbyapartments.com) in Alexandria VA, and additional projects in pre-development throughout the DC-Metro Area.
Founded by longtime multifamily industry veterans Richard Hausler and Michael Blum, Insight Property Group acquires, repositions, and develops well-located apartments and mixed-use real estate in the Washington, D.C. metropolitan region. The principals have over 70 years of experience in the area real estate industry. For more information, visit insightpropertygroupllc.com.
Kiddar Metz is a Reston, Virginia-based private investment firm that originates structures and manages strategic equity investments across a variety of business disciplines. The firm has in excess of $300 million under management. For more information, visit: kiddar.com