IO Piazza: The Luxury Shirlington Condo Didn’t Make It. Now For Rent
August 13th, 2007 Categories: Around Arlington County, Buyers, Condos, Shirlington
After months of rumors and no official announcement, IO Piazza, the second condo built in Shirlington is now for rent under Windsor Management.
I pass this building every day on my way into my office. I watched it’s development all through the winter and even in the spring. The past few weeks, I noticed all the development stopped. Maybe it was completed? Looked on the MLS and found the listings magically gone. I searched the county’s website only to find it still listed for development. Turns out the county site is wrong.
It’s been rumored for months that this high end condo was not going to be. The builder, The Ed Peete Company, had cancelled all its other condo projects in North Arlington. We held onto hope that Shirlington would be different because the condo market is not as competitive as North Arlington. But we saw it coming. It was priced too high, the market had turned, the builder wasn’t taking any chances. Too bad, because we had people waiting to buy a new condo in Shirlington. It’s good news if you bought a condo in The Village at Shirlington. It may even helps the final sales in West Village of Shirlington. Limit supply and it puts all the condo communities in and around Shirlington in higher demand.
IO Piazza
Built as a condominium, it has 245 units ranging from one bedrooms to a three bedroom with den. It has a five level indoor parking garage, a guest lobby with attendant, a plaza sun deck/terrace, community meeting room & exercise room. The higher floors are going to have some magnificent views.
My office is right up the block. When the builder was in pre-sales, we were given a special presentation of the amenities and prices. The prices ranged, from the mid-$300,000 for a one bedroom to $1.2 Million for the penthouse of three bedrooms plus den.
As polite as a real estate agent can be, we all thought the prices were too high for Shirlington– these were North Arlington prices. It wasn’t going to sell. We were right. Or at least the builder didn’t think it would sell. So they cut and run.
Windsor Management
Windsor is a Shirlington neighbor and has been managing The Village for as long as I can remember.
The rents are high in The Village. IO Piazza rents are going to be even higher. Anywhere from $500 to $1,000/month higher.
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- 1 Bedroom/1 Bath: $1,725–$2,020/month
- 1 Bedroom + Den/1.5 Baths: $3,109/month
- 2 Bedrooms/1 Baths: $2,250–$2,485/month
- 2 Bedrooms/2 Baths: $2,515–$2,815/month
- 2 Bedrooms + Den/2 Baths: $3,170/month
- 3 Bedrooms/2 Baths: $3,495–$3,530/month
People who rent in the IO Piazza should email me, you just might be able to buy a condo in one of the neighboring condo communities if you can afford these rents.
Other Posts on Shirlington Condos:
Shirlington Village: Premiere Address NOT on the Orange Line
People don’t believe me when I say it, but I don’t think that not having a Metro station in Shirlington is a problem. For one thing, we have excellent Metro bus service and the new covered bus station is being built. If you take the 7A, C, F or E bus to The Pentagon, it’s an 8-minute bus ride. Where else is there a shorter commute? We also have buses that go to Del Ray, Old Town, Ballston and Tysons (not a short ride, but you get there eventually). As for the io piazza, it’s a shame the hotel wasn’t built there as was originally planned. That would have been a great location for a nice hotel.
Maria-
Thanks for stopping by my blog.
I agree with you. The commute to the Pentagon is quick.
It’s sad that the Ed Peete Company backed out of IO. I think they would have been able to sell the condos- if they did what West Village did- and priced according to the market.
The county is still thinking of putting up an extended-stay hotel in the parking lot next to the movie theater and across from the Shirlington Village condo.
We’ll see what happens.
[…] I have visited this property with various clients since it first opened. It was comforting to see that they adjusted their pricing to meet the market and didn’t cut and run like the Ed Peete Company. KSI seems committed to the neighborhood. I appreciate that in a developer. They are offering incentives to close in 30 days in Phase 2 and some lesser incentives to wait for Phase 3. They are not requiring that you use their lender. The condo fees are in line with the other condo communities in the area. […]
[…] comforting to see that they adjusted their pricing to meet the market and didn’t cut and run like the Ed Peete Company. KSI seems committed to the neighborhood. I appreciate that in a developer. They are offering […]