ALEXANDRIA, VA. — The Metropolis of Alexandria has signed Inova Well being System, a nonprofit healthcare supplier in Northern Virginia, to a 99-year floor lease on the website of the previous Landmark Mall on the town’s west aspect.
Inova plans to take a position $1 billion to create a brand new medical campus that shall be anchored by the relocation and enlargement of its present Alexandria hospital, which is situated at 4320 Seminary Street. Inova expects the brand new campus to make use of greater than 2,000 healthcare staff.
The hospital will embody a big emergency room, non-public affected person rooms and a distinguished oncology division, in response to stories from Patch.com. The healthcare campus may even embody a medical workplace constructing.
The landowner for the hospital portion, the Metropolis of Alexandria’s Industrial Improvement Authority (IDA), signed Inova to the longest ground-lease time period potential. IDA bought the 11-acre former Sears website not too long ago from Landmark Land Holdings LLC for $54 million.
Landmark Land Holdings LLC is the three way partnership possession comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Development Properties (NYSE: SRG). Improvement plans for the remaining parts of the general 52-acre Landmark Mall website embody a mixture of residential, retail, industrial and leisure choices.
Plans additionally name for inexpensive and workforce housing by means of developer contributions and co-location with civic amenities, akin to a brand new Alexandria Hearth-EMS station. The challenge may even characteristic a central plaza and community of parks and public areas, in addition to a transit hub serving bus speedy transit, DASH and Metrobus service traces.
All collectively the event will span 4 million sq. toes, in response to the Washington Enterprise Journal.
“This can be a monumental first step within the realization of our imaginative and prescient and the transformation that’s to return right here in Alexandria,” says Cameron Pratt, managing associate and CEO of Foulger-Pratt, a developer primarily based in Potomac, Md. “We’re assured this challenge could have a long-lasting affect on your entire space for generations to return.”
In-built 1965 as an open-air purchasing middle, the 715,520-square-foot Landmark Mall was transformed to an enclosed shopping center in 1990. The mall formally closed its doorways in 2017 following Howard Hughes Corp.’s buy of the previous Macy’s retailer, however the Sears division retailer remained open till 2020.
Demolition at Landmark Mall is about to start in spring 2022. Fougler-Pratt’s web site says development might begin as quickly as 2023, with the primary buildings slated to ship in 2025. Financing particulars weren’t disclosed.
— John Nelson