Amazon Delivers Big Real Estate Investment to Crystal City
Unless you’ve been living under a rock, you probably know Amazon has chosen Crystal City in Arlington County to be one of the two sites of its massive HQ2.
What you might not know is everything this means for some of the existing buildings in the area. Check out these exciting new real estate developments in and around the e-commerce giant’s campus.
The Millennium Gets a Big-Time Makeover
The Millennium is an existing nineteen-story high-rise located at 1330 South Fair Street. It’s twelve years old and directly adjacent to Metropolitan Park and the intended HQ2 campus.
The building was recently acquired by UIP Companies and Churchill Living affiliates. While the acquisition price was undisclosed, it is clear that KKR Real Estate Finance placed a mortgage on the property to the tune of $135 million, and UIP raised around $78 million to dedicate to the project.
These investors have big plans for the building, including a multimillion-dollar makeover for the complex.
UIP and Churchill have committed to $9 million in Millennium renovations. Common areas will get a face-lift, as well as individual apartments.
High-tech, premium features within these units will include the following:
- Top-of-the-line kitchens
- Bathrooms reminiscent of a spa
- Bluetooth-enabled and illuminated medicine cabinets
- Electric roller blinds
- Customizable closets
The street-level lobby and surrounding office space will be converted to over 5,000 square feet of brand-new retail space. An upscale dining establishment will also go in, with its outdoor seating facing Metropolitan Park.
As Steve Schwat, UIP founding principal, said, the goal is to make these the “coolest and most desirable homes on the park.”
The Millennium has around three hundred apartments, and the building overlooks Metropolitan Park, which spans two acres.
Other Renovations Coming to the Area
Amazon has earmarked at least $14 million to update Metropolitan Park. This includes bringing in retailers for the ground floor space of surrounding HQ2 office buildings. The intended delivery date on this is 2023.
When phase one is complete, PenPlace (phase two) will kick off. This includes nearly 3 million square feet of office space and an already-iconic helical high-rise. Phase two is not set for completion until 2026.
Want to Be Close to the Action?
Can’t get enough of city living? Love when everything you need is within walking distance from your front door? Then Crystal City could be the ideal place for you!
If you’re interested in checking out real estate in and around the new Amazon headquarters or have any questions about what buying there would entail, reach out today. We have almost four decades of experience buying and selling in this market. We’re happy to show you real estate as it should be!
