Live/Work Office to Residential Conversions
Reimagining yesterdays office for tomorrows demand
3Collective
5201, 5203, 5205 Leesburg Pike, Falls Church, VA
Delivered in October 2023, 3Collective is the latest iteration of our Live/Work Strategy. Crafted from three high-rise Class-A office buildings with 1,400 underground parking spaces, less than 4 miles from the Pentagon and 5 miles from Downtown D.C.
2HSQ was able to purchase the buildings and parking and complete the redevelopment for less than the cost of building a new surface-parked wood-frame apartment community.
Project Details
675 best in class Live/Work Lofts
30,000 sf of ground floor amenity space and 8,000 sf of community-centric retail
The single largest live/work project in the US
Located in a Qualified Opportunity Zone
10 Year Tax Abatement
7.5% Return on Cost
Key Innovations
Able to meet large, growing and underserved market segments with a traditional apartment operating system
Maximum occupancy and NOI faster and more safely
High-rise product, wood frame cost
Learn more at the property website. threecollective
“Arguably the most brilliant office to residential conversion in the United States.”
Spolia Lofts
5111 and 5113 Leesburg Pike, Falls Church, VA
Construction Start: Fall 2024
Spolia Lofts is the next iteration of our Live/Work Strategy. With construction expected to start in the Fall of 2024, Spolia will be our first project designed post pandemic with our Gen-4 unit layouts that specifically privilege working from home as the primary market demand driver.
Crafted from two of three conjoined but separate 9-story, Class A office towers into 474 cutting edge loft style live/work units, associated ground floor retail and amenity space, Spolia will set the standard for attainable luxury.
Adjacent to 3Collective within the Skyline complex, Spolia will expand upon the Skyline area’s regional leadership as a live/work destination. 2HSQ was able to engineer the purchase of the land, two buildings, and parking for less than the cost of building the parking alone.
Project Details
474 best in class Live/Work Lofts
15,000 sf of ground floor amenity space and 12,000 sf of community-centric retail
Designed to meet the single fastest growing demand constituency in the Real Estate industry
Located in a Qualified Opportunity Zone
10 Year Tax Abatement
7.25% Return on Cost
Key Innovations
Able to meet large, growing and underserved market segments with a traditional apartment operating system
Floor plans specifically designed to privilege the 90 million people who now regularly work from home
An amenity package programmed to nurture our customer’s full mind, body and spirit
Mission Lofts
5600 Columbia Pike, Falls Church, VA
WINNER - 2020 BEST WASHINGTON ADAPTIVE REUSE APARTMENT COMMUNITY- DELTA ASSOCIATES
A well located commercial office building, down the street from the Pentagon, that had been vacant for five years, and that could be purchased for the cost of the parking garage alone (buying a parking garage and getting an office building and the land for free). The building provided excellent attributes that could best support a live/work application; tall ceilings, big windows, concrete frame, 2.6 parking spaces/1,000sf, and an open floor plan. What it needed was a “software” reboot to permit expanded use.
Project Details
156 best in class Live/Work Lofts (901 sf avg. unit size)
$52M Total Project Cost
Rezoned in 6 months to a category that had previously not existed in Fairfax County, VA
Financed with 65% conventional non-recourse construction debt
7.1% Return on Cost
Key Innovations
Exposed concrete floors and ceilings (9” lightweight concrete slabs)
Transformed former mechanical pump room into the “Pump Room” fitness center
Replaced 1 acre of surface parking with a perennial wildflower meadow which serves as both a natural barrier and a landing zone for migratory Monarch butterflies
Learn more at the property website. livemissionlofts
e-Lofts Alexandria
4501 Ford Avenue, Alexandria, VA
WINNER - BEST U.S. ADAPTIVE REUSE APARTMENT COMMUNITY - PILLARS OF THE INDUSTRY
WINNER - BEST WASHINGTON ADAPTIVE REUSE - ULI
WINNER - MOST INNOVATIVE DC MSA APARTMENT COMMUNITY - DELTA ASSOCIATES
WINNER - TOP NORTHERN VIRGINIA APARTMENT COMMUNITY - PMA PACE AWARDS
e-Lofts is the first live/work project of its kind in the United States. Multi-award winning loft style community where all units can be rented at the user’s choice as either a chic apartment home, a light filled office space or an impossible to find combined live/work unit. Featuring 600 underground parking spaces and state of the industry amenities that serve both office and residential clientele. Building acquisition price was a fraction of what the underground parking would have cost to build alone.
Property webpage here.
Project Details
200 best in class Live/Work Lofts with 600 underground parking spaces
$52M total project cost
Permitted as of right
14 month total construction period
Financed with a 70% LTC non-recourse construction loan
Sold, January 2019, at 4.75% capitalization rate
Key Innovations
First live/work project of its type - US Patent
300% utility in a 100% physical plant - No time or cost to oscillate between uses
High rise product at far below wood frame cost
Reprogramming of excellent “hardware” (concrete shell, high performance glass, tall ceilings, big windows) with new multi-functional “software” to create immediate and lasting value
8110 Gatehouse Road
Merrifield, VA
Construction Start: Spring 2025
215 best-in-class loft style live/work units and amenities in a converted Class-A Fortune 500 headquarters located in Fairfax County’s highly desirable Merrifield neighborhood. The property’s central feature, a six-story atrium, will be reimagined as the primary interior amenity destination. When complete, the property will also contain three pickle ball courts, a community dog park, resident vegetable gardens, curated art galleries and production spaces as well as our brand standard live/work related amenities. On an adjoining parcel, a sister building will be converted into 82 dedicated Workforce housing units.
Project Details
215 best in class Live/Work Lofts with 700 above ground garage parking spaces
Fully entitled in 2023
18 month anticipated construction period
7.25% return on cost
Walkable to Mosaic District retail and Metro
Key Innovations
Floor plans specifically designed to privilege the 90 million people who now regularly work from home
An amenity package programmed to nurture our customer’s full mind, body and spirit
2000 Corporate Ridge
Tyson’s Corner, VA
Construction Start: Summer 2025
The first approved residential office conversion in the Northern Virginia CBD of Tyson’s Corner, 2000 Corporate Ridge represents our first conversion venture with the building owner. Corporate Ridge Lofts will combine 240 best-in-class loft style live/work units and amenities in an iconic, Class A, former Fortune 500 headquarters location. The property’s central feature, a nine-story atrium, will be reimagined as the primary interior amenity destination and many of the existing high quality building features, previously added by the owner, will be maintained. When complete, the property will also contain a reforested nature preserve, three acres of publicly accessible park space, our brand standard live/work amenities, and a direct bridge connection to the Tysons Corner Center and Metro.
Project Details
240 best in class Live/Work Lofts with 660 above ground garage parking spaces
Fully entitled in 2023
18 month anticipated construction period
7.25% return on cost
Walkable to Tyson’s Corner Center retail and Metro
Key Innovations
Floor plans specifically designed to privilege the 90 million people who now regularly work from home
An amenity package programmed to nurture our customer’s full mind, body and spirit