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New Development

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Completed Projects

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Waterfront Center Redevelopment
801 North Fairfax Street

In January 2014, Finmarc Management Inc. purchased two adjacent mixed-use commercial office and retail buildings in the half-block bounded by Montogomery Street to the north, North Fairfax Street to the west, Madison Street to the south and the Mount Vernon Trail to the east.  The purchase price was $31.5 million.  The two buildings, which occupy the western half of the half-block lot, are located on the diagonally opposite corner of Montgomery Park from Watergate of Alexandria.  The eastern half of the half-block lot is taken up by a two-story parking structure.

The older of the two buildings was built in 1971.  It is a four-story brick-and-concrete building that has about 60,000 square feet of gross space (nearly 58,000 leasable).  It is known as Waterfront Center I and its address is 801 North Fairfax Street.  Former ground-floor retail tenants included AAA, Fairfax Deli, and the Royal Thai Restaurant relocated from North Royal Street.  The city's 2017 assessed value of the property is slightly more than $6 million.

The newer of the two buildings was built in 1987.  It is a five-story all-brick building that offers around 95,000 square feet of gross space (more than 90,000 leasable).  It is known as Waterfront Center II and its address is 209 Madison Street.  The building's anchor tenant is Old Town Sport & Health, which occupies the lower three floors of the building.  The city's 2017 assessed value of the property is $21.7 million.

Finmarc is a diversified real estate company based in Bethesda, Maryland that was formed by David Fink and Marc Soloman in 1987.  The firm manages more than 5 million square feet of commercial space in the Washington, D.C. metropolitan area.

In mid-2017, Finmarc announced that it was redeveloping the older building, Waterfront Center I at 801 North Fairfax Street, into 32 residential condomiminiums.  Details on the redevelopment to come.    The owner does not need to go through the city's development review process for this project.  For conversion projects of this type, the only government approvals required are building permits.


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