Developer Stanley Westreich’s Legacy Casts Large Shadow in Rosslyn – Arlington, Texas

Arlington, Texas 2021-05-04 15:30:36 –

The legacy of Stanley Westreich, the developer who built modern Roslin from scratch, will always cast a big shadow on the neighborhood he helped found, his son told ARLnow.

Westreich Died at the age of 84 Last month at my home in San Diego. But for decades he lived in the Washington, DC area and had a major impact on Roslin’s growth.

His son, Anthony WestreichRemembers that his father was more than just a well-known developer.

“I think the adjectives that best describe my father are fair, honest, transparent, tough and kind,” his son Anthony Westreich told ARLnow in an email interview. “Everyone, whether a contractor, a broker or a lawyer, wanted to do business with my dad. They always knew what they were getting from him.”

Since the 1960s, his company Westfield Realty has developed 10 buildings in Roslin.Perhaps nothing was more symbolic than the former USA Today / Ganet Building Also known as 1000 and 1100 Wilson Blvd Rothrin Twin Towers.. When built in 1981, they were the tallest buildings in the DC metro area.The current residents are: WJLA-TV and Politico..

Part of Westreich’s big bet on Roslin’s work was seeing the opportunity to take advantage of its proximity to the district and its relative underdevelopment.

“He saw an opportunity to be converted [an] Excessive and unused parking structure to office space for government tenants, “Anthony wrote. “He knew that, unlike many of the world’s largest cities, Washington DC had no development on either side of the river.”

A native New Yorker, Westreich served in the Coast Guard and graduated from NYU School of Law.He moved to Roslin in 1959, says Anthony, his family has Roslin’s sole interest. Federal Housing Project..

“In 1959, the only development in Roslin was that FHA project,” Anthony wrote. “Unfortunately, the investment was losing money because the project was badly planned.”

Westreich bought a large chunk of land, began building office buildings, and turned Rosslyn into a thriving commuter community.

“That vision [was] It was an immediate financial success for our family and provided my father with Roslin’s long-term vision, “Anthony wrote.

Early but extremely important of them development of include 1400 Kie Boulevard — Parking lot where Mark “Deep Throat” Felt met Washington Post reporter Bob Woodward Reveal the Watergate scandal – as well as 1501 Wilson Boulevard, 1515 Wilson Boulevard,and 1815N.Fort myers drive..

In 2005, Westreich sold its 2.5 million square foot Roslin portfolio to Beacon Capital Partners. Nearly $ 1 billion.. A year ago, Anthony followed in the footsteps of his father and founded the New York-based Monday Property. This has created a real estate portfolio that will make Roslin a prominent real estate owner.

The N. Fort Myers Drive building was demolished over 10 years ago and is now 1812N. There is Moore Street. Nestlé US Headquarters..

“Interestingly, 1812 is in exactly the same place as the first building my dad developed in 1961,” Anthony wrote. The tallest office building in the area — “As per specifications” without a signed tenant.

After years of vacancies, the bet was finally rewarded with Nestlé’s announcement in 2017.

Only two years after the building left the family, Monday Properties and Anthony Westreich bought back the property. For $ 1.23 billion In 2007.At that time, those 10 buildings were about 30% of Roslin’s office market.. The company still owns the property about a decade and a half later, consolidating the continued presence of the Westreich family, which shapes the Rothrin skyline.

Anthony picked up some of the wisdom of commercial real estate from his father.

Elder Westreich was “the right mixture of practical and creative”, his son said. No matter how innovative and unique the building was, Westreich knew they had to sell.

“I remember he said that many developers need to design a beautiful building and figure out how much it needs to be leased based on the cost of the building,” Anthony wrote. I will. “My dad took the opposite approach. He figured out how much the market would pay and built the building within those cost constraints.”

Westreich was released by the Arlington County Commission in 1996. “CO Rothrin” zoning classification For the building as Another big step Perfectly in line with the development of the neighborhood and his father’s vision. This classification allowed developers to add density and height in exchange for community amenities.

“”[That] It has changed the landscape of Roslin very positively, “writes Westreich. “Roslin has moved from a 9-5 office-centric environment (mainly government tenants) to a true 24-hour urban environment with world-class residential, retail and multinational office tenants.”

Anthony envisions Roslin continuing on the path his father envisioned many years ago, becoming a “true 24/7 live / work environment.”

Despite the shift to telecommuting required during a pandemic, Westreich believes employees will soon return to the office because companies cannot thrive without direct cooperation.

Roslin continued to grow and Westreich’s name would always be part of its history, he added.

“I’m proud to be part of a legacy my dad created over 60 years ago,” Westreich wrote. “He was very proud of what Roslin was and where he was heading.”

Developer Stanley Westreich’s Legacy Casts Large Shadow in Rosslyn Source link Developer Stanley Westreich’s Legacy Casts Large Shadow in Rosslyn

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