The Arlington County Board approved a plan by MR Monument View LLC/Monument Realty LLC to build the Boeing Company’s regional headquarters at Monument View, a prime location north of Crystal City adjacent to Long Bridge Park.

The Board agreed to major changes to a previously approved site plan that will allow development of a single-use office building, rather than the originally planned mixed-use development. In voting for the changes, the Board cited the economic benefits to the County of enabling Boeing, a major corporate tenant, and one of Arlington’s top-20 employers, to consolidate and expand its presence in the Crystal City area and its commitment to the County.

Project will benefit Arlington
Benefits that the Boeing project will bring to the County include:

• Realization of a key component of the County’s economic development strategy to recruit and retain major employers, particularly within the defense industry. This headquarters will retain 550 jobs and attract upwards of 20,000 business travelers annually.
• The project solidifies Boeing’s commitment to Arlington County, at a time of increased economic uncertainty, especially in Crystal City, with the full impact of the Pentagon’s 2005 Base Realignment and Closure (BRAC) decisions still to be fully felt.
• Significant tax revenues that the County can use to fund future infrastructure and community improvement commitments, including nearly $2 million in property tax dollars annually, a $500,000 annual contribution to the Crystal City TIF (tax increment financing) fund which will help finance redevelopment of Crystal City and over $200,000 annually in transportation taxes.
• Execution of the land swap for the Twin Bridges site, and the return of about 240,000 square feet of density to the Twin Bridges site.

Six-story secure office building planned
The new site plan will allow development of a six-story, 453,000 square-foot office building, with two floors of underground parking, instead of a mixed-use development that would have included homes, office and retail uses.

Read the full press release here.