CIM Group Commences Redevelopment of Former Alexandria Virginia Hotel Into 122 Residential Condominiums

12/16/2019

ALEXANDRIA, Va.--CIM Group announced today that it has begun the redevelopment of the 12-story, former Crowne Plaza Hotel located at 901 N. Fairfax in Old Town Alexandria into a 13-story, 122-unit upscale residential condominium tower. As part of the transformation of this Potomac River waterfront property, an adjacent surface parking lot will be developed to bring 41 new townhomes, and a signature performing arts theater will be featured at the base of the tower. CIM and Carr Companies acquired the property earlier this year and are co-developing the project.

CIM brings its broad experience in owning, developing, repositioning, and operating properties to the adaptive reuse and new construction at 901 N. Fairfax.

The condominiums will feature high-end finishes and floor-to-ceiling glass facades, taking advantage of the views from the building’s location on the Potomac River. Panoramic views of the River and Montgomery Park can also be enjoyed from the new 13th floor penthouse clubroom and the rooftop deck.

In addition to the many on-site community gathering and recreation spaces including the fitness center, 901 N. Fairfax is adjacent to the Mount Vernon Trail which connects George Washington’s Mount Vernon to Theodore Roosevelt Island, providing future residents with walking and biking at their doorstep. Shopping, dining and entertainment options are located just a few blocks away on King Street lined with independent galleries, stylish boutiques and national retailers within a colonial waterfront setting.

901 N. Fairfax is easily accessible from key highways, with direct access from the George Washington Memorial Parkway, Route 1, and is near the Capitol Beltway (I-495). The property is also situated less than a mile from the Braddock Road Metro Station and five blocks from the Potomac River Boat Company Water Taxi, which provides access to Georgetown, National Harbor, and the Wharf. Situated 4-miles south of Reagan National Airport, future residents will have convenient access to all major transportation hubs. The property is approximately 3 miles from National Landing, the future site of Amazon’s HQ2.

CIM has been active in the greater Washington, D.C. area for more than 15 years, when it qualified a number of communities in the area for investment. CIM’s greater Washington, D.C. portfolio has included office, hotel, and residential properties. In Alexandria, CIM currently owns and operates Mason at Van Dorn, a 1,180-unit residential community, and Park Place at Van Dorn, a 285-unit residential community.

ABOUT CIM GROUP

CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.

ABOUT CARR COMPANIES

Carr is a "family" owned company founded by Arthur Carr in 1918. Carr has been building homes, workplaces, hotels and places to shop for more than a century. Recognizing and responding to change has been the cornerstone to our success in adding value to assets by improving the lives of the people they serve. The Carr Companies maintains ownership and management interests in over 40 executive suite, hotel, commercial and retail assets in 8 markets across the country. Carr is dedicated to creating a healthy mixture of uses in desirable locations by working together with all stakeholders both public and private to deliver the best end result for the communities in which we develop. For more information, visit www.thecarrcompanies.com.