Mitsui, JBG, and EYA close financing for $185 million Robinson Landing project in Alexandria
EYA, based in Bethesda, Md., announced the financing Wednesday for Robinson Landing, a new $185 million waterfront community in historic Old Town Alexandria.
The Bethesda, Md.,-based company said the joint venture, among affiliates of EYA, JBG Fund IX — a private fund managed by JBG SMITH Properties — and Mitsui Fudosan America (MFA), will provide all the capital required to complete the project. HFF advised the joint venture on the transaction.
“We are thrilled to be working with a global leader like Mitsui to create a vibrant waterfront neighborhood with unique architecture that will be the southern anchor to the Old Town waterfront,” Bob Youngentob, President of EYA LLC said in a statement.
Construction began in mid-January with footing and foundation work on an initial phase of townhomes. The first townhomes are scheduled to be completed by early fall.
Later this year, EYA says work will begin on the community’s underground parking garage followed by construction of two, five-story riverfront condominium buildings with ground floor retail, a third condominium building fronting on Wolfe Street, renovation of the existing pier and the creation of a public promenade along the waterfront.
Phase two of townhome construction begins in 2019 with the entire development expected to be completed by early 2020.
“Mitsui and EYA affiliates have been tremendous leaders and partners throughout the course of this deal, and we are all committed to making Robinson Landing a true landmark in Old Town Alexandria,” Kai Reynolds, JBG SMITH’s co-chief development office, said in a statement.
When finished, the project will offer 26 neighborhood town homes, 70 condominiums and a market and restaurant with indoor/outdoor seating on the water. The renovated Robinson Landing pier will include floating docks, areas for public seating and entertainment, and an outdoor lounge.