HOUSTON--(BUSINESS WIRE)--Weingarten Realty (NYSE: WRI) announced today the acquisition of 5.2 acres of land at the corner of King and North Beauregard Streets that will be the site of The Gateway Alexandria (“Gateway”), a premier mixed-use project. Once completed, the project will feature 352 multi-housing units, 74 of which will be affordable units, 110,000 square feet of retail anchored by Harris Teeter, 87,000 square feet of office space and below-grade parking with 820 spaces. Weingarten's net investment at completion is estimated to be $160 million and will include ownership in the retail, 275 luxury residences, and approximately 23,000 square feet of office space.
A Transit Oriented Development (TOD), Gateway is six miles from the Capital Beltway, five miles from downtown D.C., four miles from Old Town Alexandria and four miles from the Pentagon. In addition to the Metrobus and Dash Bus system, upon completion of the project, the site will be served via a new Bus Rapid Transit station that will connect the Pentagon Metro station to the Van Dorn Street station with designated stops at key intersections, including Gateway.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2016, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 224 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 45.2 million square feet of which our interests in these properties aggregated approximately 28.4 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.