Recent news reports indicate Amazon is pausing construction on parts of the second phase of its big Arlington-based HQ2 project at National Landing.
The news comes as Amazon plans to open HQ2’s first phase, Metropolitan Park, which includes two large office buildings, in June.
The retailer said it is pausing the groundbreaking on HQ2’s second phase, PenPlace, after announcing some 18,000 layoffs nationwide in January and the needs of its increasingly remote workforce.
The word pause sounds a bit mysterious and undefined, perhaps even implying that construction of the company’s sprawling northern Virginia campus may somehow be halting indefinitely.
But that is not the case.
According to Arlington County, VA, officials, the company remains committed to the location where it says it will create roughly 25,000 jobs over the next decade.
Amazon’s PenPlace plans include three additional office buildings and the spiral-shaped “Helix” building.
This might sound scary for the local Arlington real estate market, but I don’t anticipate prices to drop much this year. Arlington is still a hot market, as it was before the news of Amazon’s arrival broke a few years ago.
However, keep in mind that the value of any home is hyper-local, even down to the street you live on.
Btw, if you’re looking to buy or sell in Arlington, Virginia (or in the neighborhoods surrounding Amazon HQ2), please call me today!
