WASHINGTON--(BUSINESS WIRE)--Trammell Crow Residential (TCR) was selected by the Washington Metropolitan Transit Authority (Metro) in a competitive bid process to buy the Royal Street Bus Garage in Old Town Alexandria, VA.
“We are excited for the opportunity to work with the city, staff, and community to design and build a project that embraces the vibrancy of North Old Town,” said Trey Kirby, Vice President of TCR, a national multi-family real estate developer.
This two-acre property is near the Potomac River and surrounded by historic charm, green space, and the walkable neighborhoods of North Old Town.
In 2017, the City Council created the Old Town North Small Area Plan, an initiative to drive economic development. TCR believes it is best positioned to help fulfill that vision.
“Metro is pleased with the sale to Trammell Crow Residential and is excited to see that the Royal Street Bus garage site is going to be revitalized while building the city’s economic base,” said Nina Albert, Metro Director of Real Estate.
“We are big supporters of the live, work, play principles promoted within the Small Area Plan and believe the collective efforts of all involved will create a community that strengthens an already strong neighborhood,” said Kirby.
From here, TCR will begin the rezoning process by engaging neighborhood groups and the city.
About the Bus Garage
- Located at 600 North Royal Street in Old Town Alexandria, VA
- Bounded by Wythe, North Royal, Pendleton and North Pitt streets
- Features a 48,500-square-foot brick building constructed in 1933
ABOUT TCR AND CROW HOLDINGS
Trammell Crow Residential (TCR) is a national multi-family real estate developer with over 40 years’ experience and a local presence in 12 key U.S. markets. Since 2012, TCR has developed, financed and asset managed more than $5 billion of multi-family communities totaling over 20,000 units, delivering amenity-rich communities in economically thriving locations nationwide. TCR and Crow Holdings Industrial (CHI) are the development divisions of Crow Holdings, a real estate investor, developer and owner with a global multi-asset investment platform and longstanding industry relationships built on trust, integrity and partnership. For more information, please visit www.TCR.com.