REAL ESTATE

Amazon HQ boosts Kimco project in Arlington

BY Al Urbanski

The old saying goes that real estate is all about location, but luck can be a big help, too.

Prominent retail real estate developer Kimco was overjoyed with the news that Amazon would be building not one, but two HQ2’s, and that one of them would be right across the street from its Pentagon Centre now taking shape in Arlington, Va.

A 26-story luxury apartment tower that will house 7,000 sq.-ft. of retail is under construction in phase one of Pentagon Centre, whose plans ultimately calls for a second tower and a 346,000-sq.-ft. retail and entertainment complex.

“Our Pentagon Centre Signature Series redevelopment is in excellent position to take advantage of the incredible growth Amazon’s National Landing headquarters will bring to the area,” said Kimco CEO Conor Flynn. “It will be at the heart of this new center of gravity.”

Kimco reports that Pentagon Centre is now 70% funded, including entitlements for further phases that will add up to some 2 million sq. ft. of leaseable space. Plans call for office space of more than 700,000 sq. ft. and a 200-room hotel.

The Witmer residential tower under construction is slated for move-ins in the second half of 2019.

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