Renaissance Centro has kicked off development of The Ritz-Carlton Residences, McLean, Tysons, a 102-unit luxury condo project located in the Washington, DC suburb of the same name. The standalone residential property will be adjacent to the Ritz-Carlton, Tysons Corner hotel and Tysons Galleria, and is licensed by the hotelier to use its name. The development represents a geographic expansion of the Ritz-Carlton residential brand, and is the first such property to be located in Virginia.
Construction will start next year, and the community is expected to be move-in ready in 2028.
The condos will be average 4,500 square feet, with pricing beginning at $1 million.
The development isn’t the first in McLean for Renaissance Centro, which in 2023 delivered the 94-unit Monarch, an upmarket condo community located near the site of the new project.
“Monarch served as a ‘proof of concept’ for large, high-end condos in the area,” Ilan Scharfstein, vice president of development at Renaissance Centro, told Multi-Housing News. The project’s location in McLean and adjacent to Great Falls put it in a high-income area, with incomes exceeding $250,000 and median 2024 home prices in those neighborhoods above $1.6 million and $1.8 million, respectively.
“At delivery, Monarch was over 70 percent sold, with the larger units – up to 4,100 square feet – on high floors selling first,” Scharfstein said. “Since that project was sold out within just a few months of delivery, we believe there’s unfulfilled demand for large, luxurious condominium units in McLean-Tysons.”