Combined Properties Inc. expects to begin construction on its $135 million South Alex development in the Alexandria section of Fairfax County by the end of the year.
Justin Johnson, director of acquisitions and development for D.C.-based Combined Properties, said Wednesday that his company is “30 to 60 days away” from closing on its construction loan for the project with an undisclosed bank. Johnson was speaking at the Richmond Highway: Embark on Opportunity event sponsored by the Southeast Fairfax Development Corp.
CBG Building Co. is the contractor and will begin construction immediately after the loan closes, Johnson said, adding that the entire project will be built out within 31 months.
The 502,000-square-foot development is the long-awaited mixed-use redevelopment of the 10-acre Penn Daw Shopping Center, which has been demolished. Fairfax County first approved the project in early 2014.
In addition to a 20,000-square-foot Aldi store, South Alex will include 400 apartments with…Read the full story from the Washington Business Journal.