What is the story about?
What's Happening?
American Real Estate Partners is transforming a failed office condo at 1101 King Street in Alexandria into a luxury residential development named CityHouse Old Town. This conversion is part of a broader trend driven by reduced demand for office space and increased demand for housing, particularly following the COVID-19 pandemic. The development will feature 199 units with unique floor plans and outdoor terraces, offering amenities such as a rooftop terrace, fitness studio, and coworking spaces. The project aims to attract 'tastemakers' who value high style and concept in their living environments.
Why It's Important?
The conversion of office spaces into residential units addresses the ongoing housing shortage in urban areas like Alexandria. It reflects a shift in real estate strategies, where developers are repurposing underutilized commercial properties to meet residential demand. This trend could lead to increased housing availability and potentially influence urban planning and zoning policies. The focus on luxury and high-concept living spaces also highlights a market shift towards catering to affluent renters who prioritize lifestyle and location.
What's Next?
CityHouse Old Town is set to deliver its first units by mid-November 2025, with the remaining floors completed in subsequent months. The development has already attracted significant interest, with over 600 people on the interest list and 13 units leased in the first week of pre-leasing. This indicates strong demand for such conversions, which may encourage further similar projects in the region.
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