When Macerich announced last year they had landed selectively located Spanish retailer Zara for their new plaza entrance to Tysons Corner Center it quickly became one of the most popular twitter topics about Tysons. It took a few extra months from when it was anticipated to open, but shoppers can finally enjoy the new 20k+ store modeled after their New York flagship; just in time for the holidays.
1st Stage Tysons recently celebrated the opening of their 6th season, and the little theater that could is going strong. Their newest production, One Man Two Guvnors opens next weekend. If you haven’t been to 1st Stage before, treat yourself to a show and support local professional artists at the same time.
When new apartments open there is typically a healthy cynicism over the price of the units and often an associated “I told you so” from the anti-supply, low density crowd who is virulently opposed to increased density (often in the form of increased heights). Many believe that if you build new apartments, the price just continues to go up as more buildings make an area more desirable and therefore more expensive. Well it appears this is not the case in Fairfax says online publication Multi-Housing News.
Although new construction has seen stabilized and increasing rental pricing in the Northern Virginia market, older and shorter stock such as garden style apartments, have decreased in pricing. Indeed there is even evidence of negative rental growth in the DC Metro as a whole. This is clear evidence of filtering, the effect in which new housing supply causes older or less desirable units to drop in price. There are currently 30,000 units under construction between Northern Virginia and DC, making it one of the fastest growing multi-family metro areas in the country. Hopefully some good empirical evidence of filtering will soon be helping to make the case of housing affordability via supply.
Capital One has set a date for the groundbreaking of their new 470′ office tower in Tysons. Construction will begin November 17th and continue for more than three years on what will become the DC metro regions tallest commercial building. The ground breaking certainly is a noteworthy and historic event for Tysons. We look forward to documenting the construction.
