Alexandria –
A Small Town in the Shadow of Our Nation’s Capital
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With
a total area of only 15.75 square miles, the City of
Alexandria is the 11th most densely populated area in
the country – and the most densely populated locality
in Northern Virginia. However, Alexandria’s quaint
charm and revolutionary war-era architecture belays
a vibrant and growing economy – one where today’s
high-tech business community peacefully co-exists with
a robust tourist market and thriving residential community,
giving Alexandria a surprisingly “small town”
feeling.
“Alexandria’s
unique lifestyle and quality of life provides the best
of big city amenities in a location known for its commitment
to maintain a sense of community” says Ken Moore
of the Alexandria Chamber of Commerce.
Originally
founded as a tobacco, hemp and flour shipping port in
the 1740s, Alexandria was once teeming with ships engaging
in international and coastal trade throughout the early
colonies. The City was named after John Alexander, a
wealthy tobacco merchant who purchased the land for
“6,000 pounds of tobacco and a cask.” By the
18th century the area had become a prominent center
for the export of Virginia’s cash crop – tobacco.
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The
“Rocket Docket”
The
Federal Court’s Eastern District is located
in Alexandria, where some of the most prominent
cases in the country end up, notably ones involving
national security. Cases are generally forced
to trial in less than a year after filing because
of a streamlined judicial process — thus
the name “rocket docket.” Because the
legal community knows it is different, a core
group of Alexandria lawyers are routinely called
upon to serve as co-counsel by their out-of-state
or in-state colleagues. There are also a host
of other local businesses that cater to the court.
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Primarily
due to a preservation movement that began back in the
1930s, more than 250 18th-century buildings and nearly
4,000 19th-century structures were saved from demolition
and restored to their former glory. In fact, looking
at Alexandria today, you’ll be seeing a city that
looks pretty much like it did when George Washington
was a resident. Historic properties open for public
viewing include the Carlyle House, Christ Church, Gadsby’s
Tavern, and the Gunston Hall Plantation. In addition,
although not technically in the City of Alexandria,
George Washington’s Mount Vernon Estate is also
a major tourist attraction drawing visitors who come
to the City for the historic sites. The Alexandria of
today is primarily known for its historic appeal. The
Old Town district consists of an array of museums, colonial
architecture and tourist destinations.
Because
of its prime location, with regional access via the
Capital Beltway, Interstates 66, 95 and 395, and the
north-south corridor of Route 1 and the George Washington
Memorial Parkway, Alexandria has remained a desired
location for business. The City is headquarters to more
than 300 associations – the fourth largest concentration
in the country. Employing more than 9,000 people, these
associations were drawn to Alexandria for the diversity
of commercial office space available for lease or purchase,
as well as its proximity to Washington, D.C. In addition
to associations, Alexandria is also home to more than
375 technology companies, which employ more than 12,000
people. Surprisingly, technology is currently Alexandria’s
number one industry. And to emphasize its commitment
to the technology community, the City sponsors Technology
Achievement Week, an annual event highlighting companies
who exemplify the development or innovative use of new
or existing technologies.
Alexandria
was recently ranked number five by Business Development
Outlook as one of the Best Big Cities for Doing Business
in the U.S. in its recent Top Choice Cities rankings.
The Top 25 Best Big Cities for Doing Business were evaluated
using a variety of measurements and calculations. All
cities with a population over 100,000 were evaluated
on availability of executive, administrative and management
labor, education level of the population, crime index,
commute times, transportation costs, availability of
public transportation and housing costs.
“What
makes Alexandria such a great city to live and work
in is a combination of who we are and what we are.”
Says David G. Speck, Managing Director of Investments
at Wachovia Securities and member of the City Council.
“We are active and educated, affluent with a strong
commitment to giving back to the community, and we are
consumers who take pride in the successful businesses
who choose to make Alexandria their home.”
As
with any vibrant community, education plays a key role
in research, development and training. In Alexandria,
its highly educated work force – ranked 7th most-educated
in the nation – can choose from some of the most
respected learning facilities in Virginia: George Washington
University – Alexandria Graduate Education Center;
Alexandria Research Institute of Virginia Polytechnic
Institute and State University; Florida Institute of
Technology; Regent University; Strayer University; Virginia
Theological Seminary; and Northern Virginia Community
College, Alexandria Campus.
In
June, 1999, the U.S Patent & Trademark Office (PTO)
revealed plans to relocate its headquarters from their
current location in Crystal City, Virginia, to Alexandria’s
Carlyle development site. The new 15.5-acre project
will encompass a majority of the uncommitted land with
the huge 76.5 acre Carlyle project.
The
PTO is planning to relocate more than 7,000 employees
from 15 separate buildings in Crystal City over the
next two five years. The PTO’s 20-year lease of
2.4 million square feet of office space will increase
Old Town Alexandria’s total inventory by nearly
50 percent.
When it does finally relocate, the move will have a
dramatic and positive effect on the Alexandria market.
The PTO’s presence in the City will attract other
related organizations and government contractors seeking
close proximity to the agency. The first wave of these
organizations is already making an impact. Computer
Patent Annuities Inc., the world’s largest patent
renewal service, recently executed a 10-year lease for
15,000 square feet within King Street Station. And the
patent law firm of Oblon Spivak has signed a lease with
Monument Realty for 205,000 square feet of office space
in the City.
“The
new location in the Carlyle, adjacent to both the PTO
and the Federal District Court is perfect for our expanding
firm.” Says Marvin Spivak, the firm’s managing
partner.
It
is clear that the PTO’s relocation will have a
significant impact on land values in the surrounding
areas. As recently as 1998, land prices were in the
$20-$25 range per Floor Area Ratio (FAR) for square
foot parcels within the Carlyle project. Recent land
sales have ranged from $35 - $37 per FAR square foot.
The last remaining sites in Carlyle are under contract
at prices as high as $42 - $45 per FAR square foot.
In
addition to the Carlyle project, there are a few additional
development projects underway in the City. Hoffman Management
is moving forward with two new office towers which will
add an additional 450,000 square feet of inventory to
the market. These will represent the first of several
buildings to be part of a larger project known as Hoffman
Town Center. The Center will be located next to the
Eisenhower Metro Station and is zoned for a potential
6 million square feet of office space, hotel and retail
use.
Trammell
Crow Company is developing 200,000 square feet of office
space on Mill Road, directly adjacent to the Carlyle
Development. This signature, high-rise project is expected
to command rents in excess of $34 per square foot.
Developing
an efficient transportation system is a key to an area’s
future growth potential. It is essential to take a broad
view of options that include car pooling, mass transit,
pedestrian access and cycling, to maintain an acceptable
traffic flow throughout the city. The Alexandria City
Council has addressed current and future transportation
needs by undertaking a multi-year process to develop
a comprehensive transportation policy for the entire
city. The policy will take into account the many assets
that make Alexandria a wonderful place to live, work
and visit.
Signaling
a new phase in the long-awaited development of Potomac
Yard, the developer, Crescent Resources LLC recently
completed its purchase of a 300-acre piece of property.
The transaction included the initial phase of the site
plan approval and ensuing build-out process for the
former rail yard as Crescent develops the property according
to City and County approvals. The sale will allow the
project to begin, as both Alexandria and Arlington County
will benefit from what will become a vibrant new community
for both.
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to Virginia Business - January 2003
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