The developers of an office conversion project in Old Town want to start leasing the building’s 45 new residential units by summer 2027.
That’s according to Colin Thomas, principal of Thomas Development LLC, and one of the partners in 1625 Prince LLC, a joint venture with Alexandria-based Winstanley Architects and Planners and Pizzano Contractors.
“We think we can accomplish the construction in about 10 to 12 months, based on where we are now,” Thomas told ALXnow. “Early summer next year, we plan to be opening up the apartments.”
The 41,000-square-foot building at 1625 Prince Street is less than 1,000 feet from the King Street-Old Town Metro station. It was built in 1990 and bought by the American Society for Industrial Security for $7.8 million in 1997, according to city property records.
The partners bought the property for $5.9 million in May.
Thomas said that Old Town has a lot of empty mid-sized commercial properties that the partners are looking at for conversions.
“We’re focused mostly on Old Town,” Thomas said.
The 41,411-square-foot building and three other buildings on the property sit atop a two-level parking garage, and 1625 Prince Street LLC proposes to build 39,147 square feet of residential space into 31 one-bedroom and 14 two-bedroom luxury apartments.
Thomas said that amenities on the property will include a small gym, a swim spa and an outdoor putting green in a courtyard area.
The property is located in a flood plain, and city ordinance doesn’t allow an underground parking garage for residential uses. The developer had secured city approval in November 2025 for a 26-space parking reduction, as only 15 spaces of the garage’s 41 spaces are located above the base flood elevation.
In late 2025, Alexandria’s office vacancy rate stood at 18.9% for 18.1 million square feet of office space citywide, just below the Northern Virginia regional average of 21% and down from the city’s 21.1% rate in 2024, according to the Alexandria Economic Development Partnership.
Over the past decade, the city has converted 3.7 million square feet of commercial space to residential use, AEDP reported.
This article has been updated with corrected office vacancy rate and office inventory figures from AEDP.
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