Broad & Washington LLC, a venture of Arlington, VA based Insight Property Group, signed a lease last week for a 50,000 sf Whole Foods Market to anchor its redevelopment of the corner of E. Broad and N. Washington Streets in Falls Church, VA. The proposed mixed-use project is currently estimated to result in additional net fiscal revenue, including inflation, of more than $40MM to the City over twenty years and will help to create a new and compelling connection between this critical intersection and the City’s adjacent Arts & Entertainment District.
Anchored by outdoor eating areas and highly landscaped public spaces, the proposed new development will also include a 5,000 SF community theater space to be occupied and operated by the locally based non-profit Creative Cauldron (http://www.creativecauldron.org/). The project is also being designed to help reinforce pedestrian and vehicular links in the neighborhood by expanding connections between existing park spaces or upgrading traffic safety features at intersections and curb cuts.
Maury Stern, a Principal at Insight Property Group, described this new opportunity for the development saying, “We spent the last year rethinking the project and could not be happier to have signed a lease with the leading natural and organic grocer in the country. Whole Foods Market will bring an incredible amount of activity to downtown to both complement and help support the existing and longstanding businesses that make Falls Church so unique.”
Insight has become a local leader in developing iconic residential communities in the Washington Metropolitan area. Its recent projects include the nationally acclaimed and award winning Apollo, a 431 unit mixed-use project that also is anchored by Whole Foods Market, The Lockwood, an 145 unit boutique apartment building embracing the rich history of its Capitol Hill neighborhood, the overhaul of the 576 unit Falls Green apartment community next to the Eden Center in Falls Church and the re-purposing of the office building located at 515 22nd Street NW in Washington, DC. Insight is currently partnered with Carr Properties on the development of The Elm, a 28-story, 456 unit top of market apartment project currently under construction in the heart of downtown Bethesda, above the Red and new Purple Line metro stations which will open in Fall, 2020.