Last week, long-term mortgage rates fell to 2.88%, ten basis points lower than the record low set just weeks ago when rates fell below 3%. It is the eighth time this year that rates have dropped to a new record low.
Dittmar affiliate Rosslyn Syndicate revealed plans in late 2018 to replace the Holiday Inn at 1900 N. Fort Myer Drive with a building which combines residential, hotel and conference center uses along with retail and restaurant space. As originally proposed, a 38-story tower fronting N. Fort Myer would contain a 344-room hotel, and a 25-story residential tower fronting Nash Street would deliver roughly 500 studio-to-three-bedroom units.
However, the developer has filed a site plan amendment with Arlington County that, among other things, would alter the number of hotel rooms and residential units associated with the project.
The new plans call for a 326-room hotel instead of 344 rooms, and 523 residential units, up from 500 units. Also included in the amendment application is an increase in building height to accommodate the additional residential units and amendments to the site plan to facilitate phased construction of the project.