A developer plans to build 102 condos branded with the name of a luxury hotel in Tysons, a Washington, D.C., suburb in Northern Virginia undergoing a shift from mainly offices and stores to a mix of residential and commercial development.
Renaissance Centro said today in a statement that it has begun selling homes at The Ritz-Carlton Residences, where buyers will have access to amenities such as valet parking and a private dining room, features that are less commonly found in a more conventional condo building.
“In other condos, you know the amenities are going to be X, Y and Z, but the service levels may go up or down depending on the management company or the condo board,” Renaissance Centro vice president of development Ilan Scharfstein told Homes.com. “Here you have a minimum standard set by the brand.”
Prices for the condos are expected to start at $1.2 million, the developer said, with units up to 4,500 square feet. Among the amenities will be rooftop pickleball courts, coworking lounges, a pet spa, a hot and cold plunge suite and in-residence catering.
Other recent branded condo projects in the region include the JW Marriott in Reston, also in Northern Virginia, and the Four Seasons Private Residences in Georgetown. The Ritz-Carlton Hotel Co. is an affiliate of Marriott International, which will manage the amenities at the Tysons condo building.
Much of the audience for these condos is likely to be wealthy individuals downsizing from single-family homes in nearby McLean and Great Falls, Washington, D.C., proper and Montgomery County, Maryland, he said. Other interest may come from international buyers who have business in the region.
Buyers shielded from federal layoffs
The median single-family home price in McLean was more than $2.5 million over the last 12 months, according to Homes.com data. In Great Falls, it was $1.7 million.
The Ritz-Carlton condos are expected to fill a gap on Westpark Drive between two other new residential buildings, The Monarch condos and The Mather, the latter of which is targeted at people 62 and older. Scharfstein said his company is paying to upgrade a bicycle lane on the street and noted a walking trail behind the building links to the Tysons stop on the Washington Metro’s Silver Line.
While the housing market in the Washington region feels especially uncertain right now due to the federal government layoffs and other factors, buyers who will be interested in these condos are somewhat shielded from the storm, Scharfstein said.
“There’s a pretty robust private sector, particularly here in Northern Virginia,” he said. “You have a lot of technology-related companies that have done very well, so there’s a fairly deep, wealthy owner demographic.”
Renaissance Centro expects to start building the condos next year, with completion in 2028, according to the statement.