Gateway Park Development Expedited as Observation Deck Closes
July 24, 2024
CoStar Group Project Expedites the Development of Gateway Park as Observation Deck at 1201 Wilson Boulevard Closes
At the July 22, 2024, regular meeting, the Arlington County Board took action to close the Observation Deck at 1201 Wilson Blvd. in Rosslyn. The Observation Deck will officially close on July 31, 2024. This closure marks the acceleration of a major reinvestment in Rosslyn Gateway Park during a transformative period for the Rosslyn community.
CoStar Group, a leading global provider of online real estate marketplaces, information, and analytics, purchased 1201 Wilson Blvd., a 560,000-square-foot office building known as Central Place Tower, in February 2024.
CoStar Group Funds Significant Investment in Rosslyn Gateway Park
As part of the economic development deal, CoStar Group will pay Arlington $13,951,900 to significantly expedite the redevelopment of Rosslyn’s Gateway Park, accelerating its completion by nearly a decade. This investment will transform Gateway Park into a vibrant, multifunctional public space and world-class destination that is a central anchor for the Rosslyn community.
The redevelopment of Gateway Park, led by Field Operations, the same group of designers responsible for Met Park, will introduce new amenities, green spaces and recreational opportunities, creating a welcoming environment for all.
A New Outlook for Rosslyn
In the CoStar Group deal, Arlington County recognized a unique and impactful opportunity to marry Rosslyn’s community benefits with significant economic gains. CoStar Group initially considered Arlington due to its prime location and premier trophy building in the heart of Rosslyn. Throughout the site selection process, CoStar Group discovered more about Rosslyn’s business HQ-friendly environment as well as Arlington’s highly skilled workforce, accessibility to two international airports, strong Metro system, high quality of life and dynamic urban centers — key factors that ultimately influenced the company’s decision to purchase the building.
This is not just a real estate transaction, but a strategic move aimed at reinvigorating Rosslyn’s status as an economic driver following the pandemic. By introducing CoStar’s 650 existing and future employees to Arlington, this move will boost local small businesses and add to the vitality of the Rosslyn neighborhood during its ongoing transformation into a mixed-use community.
By securing CoStar Group’s commitment, Arlington did not just attract a significant corporate presence; it laid the foundation to catalyze a series of economic development deals in the coming years. The deal and community benefits associated with a revitalized Gateway Park promise to further Arlington’s broader strategic goals of activation and placemaking by enhancing the area’s appeal, making it a more attractive destination for businesses, residents and visitors alike. This thoughtful approach ensures that Rosslyn will play a crucial role in Arlington’s future economic landscape, driving growth and fostering a dynamic community environment.
A Bright Future for Rosslyn and Arlington
This project exemplifies Arlington’s commitment to delivering tangible benefits to the community.
“We are deeply grateful to the Arlington County Board for their clear vision and commitment to community development, particularly through the expedited redevelopment of Gateway Park,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “This investment aligns with our values and our mission to contribute positively to the communities where we operate. We look forward to being an active part of Arlington and seeing Gateway Park become a central hub for CoStar Group employees, residents and visitors alike.”
The forthcoming enhancements to Gateway Park promise to enrich the community fabric and provide a legacy for future generations.
“CoStar Group opens new opportunities for Rosslyn and the entire Arlington community,” said Libby Garvey, Arlington County Board Chair. “The payment for exclusive rights to the Observation Deck will enable us to transform Gateway Park into a vibrant public space, bringing immediate and lasting benefits to our community. We are thrilled to welcome CoStar Group to Rosslyn and are excited for this partnership’s positive impacts on Arlington.”
Brief History of the Observation Deck
The Observation Deck, also known as The View of DC, is known for its panoramic views of the DMV region and has been a unique feature of the Arlington landscape since 2018. Despite its initial potential as a tourist attraction and community gathering space, the deck has seen considerably less use than originally anticipated and planned, with visits steadily declining since the pandemic.
Observation Deck Closure
To advance this economic development deal, on July 22, the County Board approved both a minor site plan amendment and a zoning ordinance amendment, took action to close public access to the observation deck, and allocated state funds.
For more information on the closing of the Observation Deck or CoStar Group’s presence in Arlington, visit the Arlington County website. For Gateway Park project updates, please visit the Project page.