Recent Developments in Commercial and Multi-Family Real Estate in Clarendon & the Rosslyn-Ballston Corridor

Ken Matzkin, a commercial broker with Buck Realty, and a member of the Countyís Economic Development office staff have been invited to speak at our February 11 meeting.† We have asked them to update us on what is happening at both the commercial and residential level in Clarendon and the R-B Corridor.
Specifically, we have asked them to describe what is happening in retail and office rents and leasing, how much space is available, what kinds of spaces, who is looking for space, and who are some of the new tenants.† In particular, we have asked them to indicate whether Walgreenís is still coming to the NTB site, and about the slow progress on the new CVS store at Wilson and Hudson. We have also asked them about new commercial buildings the County has recently approved, and the circumstances, financing and otherwise, that will allow them to forward. †For example, what is the status of Marvelous Market to locate one or more stores in the RB corridor and also for Trader Joeís to find a site in Clarendon and the recently approved plans of Fresh Fields to modernize and slightly expand their Clarendon store.

We have also asked them to describe what is happening in the multi-family residential market, including decisions by developers either to postpone construction indefinitely (e.g., the proposed Garfield Park residential project on the Sala Thai site), or to switch from condo to rental prior to construction (e.g., we understand that the former Faison residential project at Washington Blvd, Irving, & 13th Streets on our Clarendon edge, will be rental ñ the new developer is ZOM, a Miami firm).

We have also asked them to describe what is happening with sales in some of the recently completed condo buildings, and about rumors that purchasers are having difficulty getting the financing they anticipated because appraisals are coming in significantly below contract prices, with the result that at least some purchasers are facing the hard choice between walking away from a large non-refundable deposit or purchasing a unit that is appraised significantly below their contract price.