Crystal City as we know it will soon no longer exist. Pentagon City and Alexandria Potomac Yard will see major changes in their landscapes as well. Now that the Amazon HQ2 construction is underway, these areas of Arlington County and Alexandria will also get a new name, National Landing. This major development will not only transform the face of what will become the newest neighborhood in the WDC Metro Region, it will transform opportunities for home owners and those planning to sell or buy property.
JGB, the national construction giant, is taking on several previously unfinished projects to transform Crystal City to Nation Landing. Highlights of this enormous development include a 130,000 square foot retail and entertainment space to known as Central District Retail. This will be home to a new Alamo Drafthouse Cinema complex and a pedestrian bridge to Regan Airport among other amenities.
According to the Steven Fuller Institute of Research, currently there are currently 40,000 real estate units within the 5-mile district that will become National Landing. There are plans for another 40,000 units on the horizon with the development now underway. This will bring 5,000 new jobs and $3.4 billion in earnings while the project is in progress. Once done, there will be another $3.4 billion in revenue anticipated annually for Arlington County.
This has all led to a lot of speculation on the housing market, especially property values for homes around the County. It’s important to keep in mind this growth potentially is expected to happen gradually, over a 7-10 -year period. Based on the Stephen Fuller Institute of Research, the new development will impact housing all around the DC Metro area. Demand for housing will be dispersed, with projections of increased demand anticipated around 13% in Arlington County, 38% in Fairfax county/Alexandria, 13% in DC and 8% in value Montgomery County.
Housing prices are expected to increase, but it’s hard to say by just how much over the long term. Some of this will be impacted by the types of homes in demand, with many Amazon HQ2 workers expected to be in search of new housing. Others will want older homes or be flexible with the type of property they buy, provided it’s in the WDC Metro neighborhood they want to live in. It will be difficult to pin-point just how much impact National Landing will have on home prices, but an increase is anticipated.
Curious to know more about National Landing and how it will change the face of Arlington County and Alexandria? Check out this photographic review compiled by Business Insider. If you want to know how National Landing will impact your personal real estate, find out with the help of a realty team who has access to the latest data and who aim to help their clients with all their real estate needs. Contact us directly, Alex Pachedzhiev and Mary Anthony, your experienced Realtors® at Keller Williams Beltway Homes. Call (703) 495-3283, or email at email@example.com, to get the conversation started.