The developers of a new 23-story condominium building at the corner of Glebe Road and Fairfax Drive in Arlington must stick with the original agreement with the county to pay $11 million for a new, western entrance to the Ballston Metro station, said Arlington Economic Development official Tom Newman.
Newman attributed the delay in construction to a softening real estate market.
“It’s pretty well understood that condominium residence sales have dried up,” he said Thursday, adding he believes the market will eventually rebound.
He said developers JBG Group were in the process of trying to raise money for the project.
In response to the concerns of condominium owners at the nearby Continental condominium building, he said a reduction in the Metro contribution would be a major amendment to the site plan and would be opposed by the county.
“There would have to be some compromise,” Newman said.
The Arlington County Board approved the project, known as the Fairmont, in January.
As part of the deal, JBG agreed to provide the money to the county to fund construction of the new entrance. Construction of the Fairmont, which was set for this month, has yet to begin.
Matt Blocher, a spokesman for developer JBG, said the delay was not significant and that the project was in the design phase.
Residents of the Continental contend JBG officials told them the delay is due to the rising cost of construction and the falling price of real estate.
Earlier this week, the building’s owners association sent a letter to the county board demanding JBG not be permitted to renegotiate the site plan and still be made to contribute $11 million for the Metro entrance.
“They would need to reduce the number of units if they wanted to reduce the contribution” to the Metro project, said Ari Meltzer, chair of the condominium board’s congestion committee.
Gateway to Arlington
» The Fairmont is set to open in January 2009. It is expected to have 237 units and ground-floor retail space.
» Completion of the Fairmont would be the last construction project in the Arlington Gateway. The gateway project began in 2000 and is an attempt to transform the area into a high-density district.
