Arlington-based IDI Group Cos. announced it has secured 1000 Annapolis Way for $16.6 million in a joint venture with PTM Partners for phase two of the riverfront development.
IDI completed 402 units in phase one of the project, called Rivergate, in north Woodbridge in 2018 next to the Occoquan Harbor Marina along Marina Way.
The total development is expected to cost $98 million and have 720 apartments. The first phase contained one-, two- and three-bedroom apartments, ranging in rent from $1,680 to $2,685 a month. The development has several onsite amenities, including a pool, rooftop terrace with cabanas and bar and a multi-level parking garage.
Laura Nickle, a spokeswoman for IDI, said 95% of the units in the first phase have been occupied.
Prince William County first signed off on the project in 2005, but plans were delayed by the recession that started around 2007.
The company brought its development back to the Board of Supervisors in 2014 for approval, where it passed, but not without controversy around how many people it might bring to the already crowded area along Interstate 95 and U.S. 1.
“We clearly believe in the economic strength and promise of Prince William County, and Rivergate’s immediate access to I-95 and the Virginia Railway Express offers residents an affordable and attractive opportunity to live in luxury on the water,” Carlos Cecchi, IDI’s managing director, said in a news release.
Nickle said leases for the second phase are expected to become available in the fourth quarter of 2022.
IDI is also planning a 19-acre mixed-use project on a parcel at the northwest corner of U.S. 1 and Occoquan Road, encompassing the vacant Cowles Ford auto dealership directly across from the Woodbridge VRE station.
In 2019, the Board of Supervisors approved a small area plan for the area focused on drawing a town center to the area.
The proposed $380 million project would include 850 apartments and 160,000 square feet of retail space. Nickle said the project is in preliminary design and will require a rezoning from the county. Work is expected to start in 2023.