Cassidy Turley has been tapped to seek investors for Cameron Park, a proposed mixed-use project tied to the Van Dorn Metro that is one of several set to transform Alexandria’s Landmark-Van Dorn corridor over the next several years.
The JBG Cos. and its partners, JBGR Retail and The Pinkard Group, are seeking equity investors for the roughly $100 million South Pickett Street project to include 305 market-rate residential units and 26,300 square feet of ground-floor retail space, according to marketing materials for the offering. Alexandria City Council voted in May to approve the project, which will combine with other ambitious developments in the area, including Howard Hughes Corp.’s planned remake of the Landmark Mall.
While JBG has more than proven its ability to raise financing for its own projects, the prolific developer’s efforts to seek equity investors would enable it to shift funds to other planned and ongoing developments in the D.C. region, including its Potomac Yard rental projects, according to sources familiar with the offering. JBG, JBGR and Pinkard would continue to be a part of the project even with additional equity investment.
Cassidy Turley began marketing the site at 430-450 S. Pickett St. just prior to Thanksgiving and expects to receive indications of interest from prospective investors in mid-January, according to sources familiar with the project who declined to be identified without prior consent from JBG. That would position JBG, JBGR and Pinkard to begin site work in the summer and vertical construction in fall 2015.
As proposed, the residential units could be developed with a pedestrian bridge connecting Cameron Park to the Van Dorn Metro but those details are still being worked out. The project is part of the larger plan for Cameron Park, which also calls for about 66 townhouse units to be built by Pulte Homes and about 100 age-restricted units to be built by another developer that has not yet been announced.
