The City of Alexandria has inked a 99-year ground lease with Inova Health System a nonprofit healthcare organization in Northern Virginia, for the upcoming medical complex on the site of the former Landmark Mall on the city’s west side. Inova is to invest US$1 billion in the development of a new medical complex, which will be centered on the relocation and expansion of its current Alexandria hospital at 4320 Seminary Road. Inova anticipates that the new facility will employ over 2,000 healthcare staff. A spacious emergency center, private patient rooms, and a famous oncology section will be included in the hospital. A medical office building will also be part of the healthcare center.
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The City of Alexandria’s Industrial Development Authority (IDA), which owns the hospital component of the property, agreed to the longest ground-lease term allowed with Inova. Landmark Land Holdings LLC recently sold the 11-acre former Sears site to IDA for US$54 million. The joint venture ownership of Landmark Land Holdings LLC includes Foulger-Pratt, The Howard Hughes Corporation, and Seritage Growth Properties. The entire 52-acre Landmark Mall property will be developed with a combination of residential, retail, business, and entertainment services.
Further details on the upcoming Inova medical complex in Virginia
Plans also call for developer contributions and co-location with civic infrastructures, such as a new Alexandria Fire-EMS station, to provide affordable and workforce housing. A central plaza, a network of parks and public spaces, and a transportation hub supporting bus rapid transit, DASH, and Metrobus service lines will also be included in the project. The total area of the development will be 4 million square feet. “This is a major first step toward realizing our vision and the revolution that is about to take place here in Alexandria.” “We are convinced that this project will have a long-term influence on the entire neighborhood for future generations,” says Cameron Pratt, managing partner and CEO of Foulger-Pratt, a Potomac, Md.-based developer.
