Penzance Receives Approval for Transformative Residential Redevelopment of Ballston One

328-Unit LEED Gold Project to Convert Existing Office Building into Gateway Residential Community for the Rosslyn-Ballston Corridor

ARLINGTON, Va.--(BUSINESS WIRE)--Penzance, a leading owner, operator and developer in the Mid-Atlantic region for over two decades, has received approval from Arlington County for its proposed redevelopment of Ballston One at 4601 N. Fairfax Drive. The approved plan will convert the existing office building into a vibrant new residential community, adding another milestone in the company's ongoing transformation of the Rosslyn-Ballston Corridor. Project renderings can be found here.

The new project will deliver 328 multifamily units in a 7-story building, ranging from studios to two-bedroom plus dens, as well as 13 two-story loft homes, all designed around gateway architecture with an emphasis on biophilic living and sustainability. Penzance's plans feature the adaptive reuse of the existing underground parking garage, dramatically reducing environmental impact while supporting a thoughtfully scaled new residential structure. The project is committed to LEED Gold certification and incorporates bird-friendly glass, dark-sky compliant lighting, and a green roof to exceed Arlington County's environmental and stormwater management standards.

"Ballston One is a transformational project that is a continuation of Penzance’s strong history of community-forward work in Arlington County," said John Kusturiss, Partner at Penzance. "Our team is excited to reimagine this exceptionally-located property in Ballston to deliver a best-in-class residential offering that improves connectivity, walkability and quality of life for future residents and the neighborhood as a whole."

The amenity-rich building will feature a landscaped courtyard with a pool, outdoor kitchen, and lounge areas, as well as a rooftop terrace with grills and social spaces. Indoor amenities include a fitness center, yoga studio, golf simulator, coworking lounge, makerspace, club room, playroom, and 24/7 concierge service—providing approximately 80 square feet of amenity space per unit, more than double the industry standard. The building will also feature over 130 bicycle parking spaces and 65 EV-ready parking spaces, adding to its robust sustainability features.

Located at the edge of Route 66 and adjacent to the revitalized Ballston Wetland Park, Ballston One will serve as a true gateway to Ballston. The site benefits from proximity to major retail corridors and the future second entrance to the Ballston Metro Station, just 800 feet away. The project brings transformative public improvements, including a new shared-use path for pedestrians and cyclists along North Fairfax Drive to enhance accessibility, safety, and connectivity. Additional upgrades—such as expanded tree canopy coverage and ADA-compliant intersections and crossings—complete this transportation corridor, linking the revitalized Rosslyn-Ballston network with the Custis and Bluemont trails.

The project is the result of a strong community engagement process, shaped by local input to maximize public and environmental benefits. As part of an extensive community benefits package, Penzance will contribute approximately $3.2 million toward affordable housing, adding to Arlington County's ongoing sustainable growth and equity efforts.

About Penzance

Penzance is a fully integrated real estate owner, operator, developer, and fund manager with a best-in-class institutional investor base. It has a track record of successful investing across the Mid-Atlantic in multifamily, industrial, data center, and other commercial assets. Since 1996, Penzance has managed $3.9 billion of gross asset value and, today, manages $1 billion of discretionary capital through its flagship fund series. It is a woman-owned firm with an experienced and diverse team that takes an entrepreneurial and flexible approach, exercising relentless risk management through its core competencies, including acquisitions, development, asset management, leasing, property and construction management, capital markets and finance, and fund management.