A New York-based real estate investment company retains its partnership interest in Rosslyn Plaza.
Vornado Realty Trusts owns a complex of office and residential buildings with Gould Property Co. in Rosslyn Plaza. Gould and Vornado plan to redevelop the 7.65-acre site, which includes the Spectrum Theater, into 2.5 million square feet of mixed-use space spread over five new towers.Vornado (NYSE: VNO) has an interest of between 43.7 percent and 50.4 percent in Rosslyn Plaza. It has a smaller stake of about 7.57 percent in two Pentagon City properties, the Fashion Centre mall and Washington Tower. The real estate investment trust has shelved its plans to add 933 units and retail to its RiverHouse apartments in Pentagon City to focus on the Rosslyn and Crystal City. A year ago, JBG Co. announced that they would merge with Vornado's Washington business to become JBG Smith Properties. [caption id="attachment_3331" align="aligncenter" width="300"] Matt Kelly, CEO of JBG Smith Properties[/caption]Matt Kelly, CEO of JBG Smith, gave some insight into the future of Crystal City in a conference call the day after the merger was announced.
Kelly said that “renovating dozens of assets and spending billions of dollars” is not what Crystal City needs.
He added, "Crystal City has 'a lot going for it,' but it lacks a critical mass of amenities and sufficient residential density."He also pointed out smaller revitalizations, such as JBG’s projects in Shaw and Logan Circle, where there is a mix of smaller anchors, local shops, and a carefully curated mix of amenity retail. The real estate company launches an operating portfolio of 12.4 million square feet and more than 4,200 residential units, with another 700,000 square feet and 985 units under construction. It will have a development pipeline of 18.3 million square feet, of which 38 percent is listed as being in Crystal City.