Ciliberti Teams With Waterford's Zachariasse

Christopher A. Ciliberti announced this week that in conjunction with Jan A. Zachariasse of Waterford Development, he has formed Waterford Commercial, LLC, and will serve as its president. Waterford Development built The Broadway, the City of Falls Church's first new mixed use development project in the 500 block of W. Broad, and soon will begin construction of The Spectrum in the City's 400 block.

Ciliberti was formerly with the Akridge Company of Washington, D.C., and had spearheaded Akridge's efforts in Falls Church. That had included the acquisition of the 444 W. Broad St. property and the evolution of the plans for its development from a Class A office building to The Spectrum mixed use project approved last summer. Ciliberti was also key to Akridge's negotiations with the City of Falls Church to serve as the master developer for its downtown area, which fell through last fall.

Ciliberti announced that, with Waterford Commercial, he will direct the development of office projects in the Northern Virginia marketplace with a 2005 development funding commitment of $100 from Bouwfonds Property Finance, one of Europe's leading real estate finance organizations.

"Having a committed and sophisticated financial partner eliminates a key element of event risk for acquisitions and development. That provides a tremendous advantage in completing transactions and initiating development," Ciliberti said in a statement. His offices will be based in Reston.