“This is a private property matter, which limits what the County can do,” the spokesperson said. ![]() When reached for comment, a company spokesperson said in an email that Monday Properties does “not have a comment on this story.”Īn Arlington County spokesperson tells ARLnow that there isn’t much the county can do. Monday Properties wouldn’t discuss the situation with ARLnow, either. James Marandi, president of the River Places Owners Association, tells ARLnow that neither he, the association, nor the committee assembled to deal with the ground lease situation has had any “recent” conversations with the company. Monday Properties hasn’t disclosed its plans just yet. This potential would leave unit owners out in the cold and their investment, essentially, a pile of bricks. Theoretically, Monday Properties - or a new developer, if Monday ends up selling the land - could demolish the by-then century-old River Place. When the lease expires in 2052, Monday Properties will be able to do whatever it wants with the well-located land in Rosslyn. Today, the underlying land is owned by local real estate development firm Monday Properties. That timeframe, of course, holds a good deal of significance for those looking to take on a 30-year fixed-rate mortgage in order to buy a property inside of the complex. In 1953, a 99-year lease was agreed to, meaning River Place’s lease runs out in 2052 - 30 years from now. That land is, essentially, rented from the developer through an agreement that’s known as a “ ground lease.” The complex was built in the early 1950s on top of 13 acres of land owned by a developer. It’s a fact that has been known for awhile, as detailed in this 1982 Washington Post article. In conversations, phrases like “oasis of affordability,” “jewel of Rosslyn,” “prime location,” and “views that… can’t be beat in the market” get tossed around with regularity.īut what makes River Place truly unique is that it very well could be on borrowed time. Despite its age, River Place remains valued by residents, owners and real estate agents. ![]() The series of four buildings containing about 1,720 units between Route 50 and Wilson Blvd make up the cooperative complex that was built seven decades ago. River Place in Rosslyn is perhaps one of the most well-known multifamily complexes in the county. Join today to support local journalism and to get the exclusive Early Morning Notes email with previews of the day’s stories. The following deep dive was funded by and first sent to members of the ARLnow Press Club.
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