Penzance Secures Entitlement Approval for One Rosslyn, a Transformative New Mixed-Use Development to Anchor the Heart of Rosslyn

ROSSLYN, Va.--(BUSINESS WIRE)--Penzance, a leading owner, operator and developer in the Mid-Atlantic region for close to three decades, secured Arlington County Board approval for its latest project, One Rosslyn, on Tuesday, July 22nd. Poised to redefine the urban skyline, One Rosslyn will deliver over 970,000 square feet of multifamily apartments, residential condominiums, and retail space along the new Gateway Park. This monumental development will introduce a new tier of luxury living through three architecturally distinctive towers thoughtfully integrated with street-level retail, abundant green space, and community-focused design. The project is being developed in partnership with Boston-based investment manager The Baupost Group. Renderings of the development can be found here.

“The County’s approval is a major step forward for One Rosslyn and for Arlington,” said John Kusturiss, Partner at Penzance. “It’s a project that reflects our continued commitment to leaving communities better than we found them, and we couldn’t be more excited to deliver this project for the current and future residents of Rosslyn. We’re honored to continue our partnership with The Baupost Group and build on our success with the Highlands to bring One Rosslyn to life.”

Crafted by STUDIOS Architecture and Hickok Cole, the three-tower composition will inject color, texture, and warmth into the skyline, further enhancing Rosslyn’s status as a vibrant urban hub. Designed to enhance walkability and encourage multimodal transportation, the project will include numerous improvements to the public realm including four blocks of sidewalks wider than 18 feet, over 400 feet of new bike lanes, and dozens of new street trees. Residents will also enjoy access to a private 30,000-square-foot landscaped terrace overlooking Gateway Park, offering landscaped recreational areas and wellness-centered amenities.

The project’s northeast tower will offer 73 for-sale condominium residences across 165,000 square feet, rising 253 feet. The northwest apartment tower will include 311 rental units within 356,000 square feet and stand 285 feet tall. The tallest structure, the south apartment tower, will reach 300 feet and deliver 461 rental residences across 434,000 square feet. At the ground level, over 14,000 square feet of curated retail space will activate the streetscape along all four blocks.

"One Rosslyn represents exactly the kind of thoughtful, transit-oriented development that strengthens our neighborhood's appeal as both a business destination and a place people want to call home," said Mary-Claire Burick, President of the Rosslyn Business Improvement District. "The project's emphasis on walkability, green space, and street-level retail will create new energy along this Gateway Park corridor and is set to become a capstone to the neighborhood’s evolution."

Located at the foot of the Key Bridge, One Rosslyn offers sweeping views of Washington, D.C., and the Potomac River gorge with immediate access to Georgetown and the National Mall. Surrounded by Fortune 500 employers and civic landmarks, the new development replaces aging office buildings with much needed housing and neighborhood-serving retail.

About Penzance

Penzance is a vertically integrated, full-service real estate firm focused on acquisition and development opportunities in the Mid-Atlantic. Its capabilities include exceptional in-house acquisitions, development, construction, leasing, asset and property management, capital markets, fund management, and finance and accounting. The company was founded in 1996 by Julia Springer and Victor Tolkan, who, along with their team of senior professionals, have made Penzance one of the premier owners, operators, and developers of institutional quality real estate in the region. With a 28-year track record of success, Penzance has capitalized on over $4.4 billion of managed gross asset value across the Mid-Atlantic. Over this history, it has acquired and developed over 10 million square feet of commercial assets, including industrial, data center, retail, and office properties, and almost 5,000 residential units, including for-rent multifamily and for-sale condominiums. Today, it manages over $1.1 billion of discretionary capital through its flagship fund series. It has a reputation for providing attention to detail and focused, active asset management across multiple geographies and product types.