$300 Million Oakville Triangle Redevelopment In Alexandria Secures Financing
Stonebridge, the master developer behind Oakville Triangle, a planned mixed-use redevelopment in Alexandria, Virginia, has secured the necessary financing for the $300 million projects.
With the financing secured, the project is ready to move forward, and demolition already began this week. When completed, Oakville Triangle will offer 577 apartments, a 93,000 Sq Ft. Inova HealthPlex, 55,000 square feet of retail, and 84 townhomes built by Tri Pointe Homes in a four-block radius.
Stonebridge’s capital partner, Los Angeles real estate investment company PCCP, arranged the financing.
Doug Firstenberg, Stonebridge’s principal stated that the financing was complicated because it involved multiple pieces, and PCCP worked with the company to make all the moving parts work.
Oakville Triangle is located just down the road from National Landing, the future home of Amazon HQ2 and Virginia Tech’s Innovation Campus, and is less than a mile from the Potomac Yard Metro station.
The health center and apartments are slated to deliver in the fourth quarter of 2023, while the rest of the project is scheduled for Q4 2024.