Capital One Bank is providing an $8 million loan to Yates Corner LLC to construct the Yates Corner project at the intersection of Mount Vernon Avenue and Braddock Road, the bank announced Wednesday.
Construction of the mixed-use commercial complex is expected to be completed in December.
So far, the complex is confirmed to feature a new 7-Eleven, office space for Yates Automotive and the new Yates Green Dry Cleaners.
The redevelopment project is an assemblage between Jason Yates, who owns the nearby automotive repair shop, and the Southland Corporation, owners of 7-Eleven. The project included the purchase of a small piece of city-owned property at the corner of Braddock Road and Mount Vernon Avenue.
See: City Council OKs New Development at Yates Corner.
"As the second-generation CEO of my family's Alexandria-based automotive services business, we strive to provide hands-on, high quality customer service. I expect the same from my bank—and that is exactly what we found with Capital One Bank,” Yates said in a Capital One press release. "The Capital One Bank team’s commitment to helping us secure the Yates Corner deal was matched with expertise and product offerings that made this project viable. As a result of the initial loan, we've established a long-term and expanded relationship, including deposit and treasury management services."
The concept plan approved in June 2011 described a mixed-use development for commercial use “consisting of a free-standing 3,000 square foot 7-Eleven building on the east end of the site; an 18,000 square-foot two-story retail/office/auto service building on the west part of the site; and a two-level parking structure (one level below grade) behind the buildings with a small surface parking lot between the two buildings.”
Along with the two new structures, a circular-shaped pedestrian plaza with landscaping at the corner of Braddock Road and Mount Vernon Avenue was part of the approved proposal.
A sign posted at the site in late August said 3,000 square feet of retail or restaurant space and 7,000 square feet of office space remained available at the new building.
The complex is expected to include environmentally friendly elements, such as geothermal borings that will provide a source of energy. The facility is expected to receive LEED gold-level certification.
For more on the Yates Corner project, see:
- Braddock Road 7-Eleven Closes
- Braddock Road Businesses to Close Next Week
- City Council OKs New Development at Yates Corner
- Yates Corner Project Nearing Approval
- Details Emerge for Potential Braddock Road Development
- City Receives Offer for E. Braddock Property