Washington Business Journal (July 18, 2019) - Alexandria’s Royal Street bus garage is under new ownership and big changes are on the way.
Trammell Crow Residential, the multifamily development arm of Dallas-based Crow Holdings, has closed on its acquisition of the 48,500-square-foot brick garage at 600 N. Royal St. in North Old Town. The sale price, per TCR, was roughly $26 million. The property last sold in 1973 for $1.5 million to a predecessor of the Washington Metropolitan Area Transit Authority.
TCR plans to start construction of a 286-unit multifamily building later this year, according to a release. The Class A apartment building will offer a mix of studios, one- and two-bedroom apartments, and two levels of underground parking. Hord Coplan Macht is the project architect and Parker Rodriguez Inc. the landscape architect. The existing garage will be demolished.
The garage, built roughly 80 years ago, is bounded by Wythe, North Royal, Pendleton and North Pitt streets. Trammell Crow Residential was awarded the rights to the 2-acre site in June 2018 and proceeded through Alexandria’s design review process before closing the deal.
The Royal Street garage became expendable once Metro opened a new, larger facility on Cinder Bed Road in Lorton.
This overview is designed to introduce Crow Holdings and its various operating companies. Crow Holdings Capital is a U.S. SEC registered investment adviser and is the manager to the Crow Holdings Capital Funds. Maple Capital Management, L.L.C. is a U.S. SEC registered investment adviser and is the manager of the Crow Holdings Industrial Build-to-Hold Fund. Crow Holdings Capital, Trammell Crow Residential and Crow Holdings Industrial are operated separately and independently from one another with separate senior leadership and investment committees.