Earlier final week Degree 2 Growth and SJG Properties held a groundbreaking ceremony for The Ace, an eight-story, $98 million mixed-use venture in Virginia at 1117-1201 N. Arthur Ashe Blvd. The almost nine-figure venture that’ll remodel a big chunk of Arthur Ashe Boulevard is formally underway, and it might quickly be joined by one other.
The Ace will embody 295 flats above 13,000 sq. toes of ground-floor industrial area fronting the boulevard. A 296-space podium parking deck is without doubt one of the options on the growth which spans over three acres.
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Degree 2 and SJG – each of that are based mostly in D.C. – have been engaged on the venture since 2021. That is after they purchased the land for $12.5 million. The positioning was previously dwelling to the Buz and Ned’s restaurant and Automotive Pool Automotive Wash buildings, which have been razed.
The workforce behind The Ace Virginia
The venture architect is Poole & Poole Structure. Fortune-Johnson is the overall contractor. Management from Degree 2, SJG and Cresset had been joined finally week’s groundbreaking by 2nd District Metropolis Council consultant Katherine Jordan.
Simply up the road at 1101 N. Arthur Ashe Blvd., one other residential venture may even transfer filth quickly after years of inactivity.
Representatives for Outlier Realty Capital advised BizSense lately that their deliberate six-story cohousing constructing continues to be within the works.
As a part of the cohousing idea, tenants at Outlier’s venture would have their very own non-public bedrooms and loos. They are going to share dwelling and customary areas with different residents. When the venture went by means of the entitlement course of with the town, Outlier had stated hire for rooms would begin at round $800.
The Maryland-based agency has been engaged on bringing cohousing to Arthur Ashe Boulevard for the reason that early days of the pandemic. Outlier purchased the 0.3-acre website in 2021 for $1.2 million. The lot has, nevertheless, been fenced up and dormant ever since.
A spokesperson for Outlier confirmed this week that they’ll be transferring ahead on the venture quickly.
The event would come with 29 flats and 148 bedrooms, plus about 1,500 sq. toes of ground-floor industrial area.
