Falls Church, Va.-based Inova Health plans to invest $1 billion to build a new medical campus out of an 11-acre site, which was recently purchased by the city of Alexandria, Va., for $54 million, the Commercial Observer reported Nov. 23.
The land was formerly the site of the Landmark Mall. Inova has a 99-year ground lease for the land.
Plans for reconstruction include a 1 million-square-foot hospital campus, 200,000 square feet of retail, 2,500 residential units and more than 3.5 acres of park and public space.
Demolition will begin in spring 2022 and the first buildings will be open in 2025.