Landmark Land Holdings – a joint venture that includes the Howard Hughes Corp. (HHC), Foulger-Pratt and Seritage Growth Properties – announced the sale of an 11-acre parcel of land at the site of the former Landmark Mall to the City of Alexandria’s Industrial Development Agency (IDA) for $54 million.
Concurrently, the IDA entered into a 99-year ground lease with Inova Health System for the land, which will be the location of their new Alexandria hospital. This announcement marks a significant milestone in the transformation of the underutilized Landmark Mall site into a mixed-use, walkable urban neighborhood which will anchor the revitalization of the West End of Alexandria.
The three joint-venture partners first announced their vision for the revitalization of the former Landmark Mall in December 2020, including plans for Inova’s new hospital campus to serve as a catalyst for the much-anticipated development of the entire West End of Alexandria. Inova, the leading nonprofit health care provider in Northern Virginia, will invest $1 billion to create a new medical campus, anchored by the relocation and expansion of its Alexandria hospital. Inova expects its new campus to employ more than 2,000 health care workers.
Development plans for the remaining portions of the Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks and public spaces, and a transit hub serving bus rapid transit (BRT), DASH and Metrobus. Affordable and workforce housing will be enhanced through developer contributions and co-location with community facilities such as a new Alexandria Fire-EMS station. Demolition at Landmark is set to begin in spring 2022, with the first buildings slated to deliver in 2025.