A Mark Center office building in Alexandria is now set to be converted into apartments.
D.C. real estate investment firm PRP LLC plans to convert 4900 Seminary Road, a 12-story, 209,000 square foot building, into residential. The developer secured close to $80 million in financing for the project earlier this month, the company said in a release.
PRP wants to put 213 market-rate units into the building, which also has room for about 4,100 square feet of ground-floor retail. But the developer has not said if it plans to maintain that space as part of the redevelopment.
PRP acquired the building alongside another at 4825 Mark Center Drive for $40 million back in 2018, after Duke Realty defaulted on a loan for the properties. The developer initially planned to merely renovate the office building, built in 1986, but settled on residential instead.
PRP cited the building’s proximity to the Mark Center’s massive Department of Defense offices, as well as Amazon’s second headquarters…Read the full story from the Washington Business Journal.