Anyone who has been down Anderson Road in eastern Tysons can tell that the Kingston is getting close to being done. With work shifting from the exteriors to the interiors, leasing will begin this year. If the Altus Group’s analysis of Tysons is still accurate, the absorption of the units in the Kingston would happen within the first year (see Vita numbers, and the strong half year numbers at Adaire). The market has been absorbing approximately 700-800 units per year — the equivalent of two high rise towers — without any evidence of slowing. The Kingston and the Highgate will help provide more data points on that trend, with their over 700 units leasing in 2017.
So what will be the next apartment to start construction?
The Lumen development at Tysons Central of course is already under construction, as are the apartments at the Boro. These will add just under 1000 units to the market, a new high point for Tysons, in 2018. However, as of right now, no development has decided to break ground this spring, meaning the window for an apartment open in 2019 is closing quickly.
There are a lot of contenders to be the next start.
Scotts Run South: One of the most anxiously awaited projects in Tysons. Once the next phase of this project begins, not only will apartments be delivered, but a new crucial road link between Colshire and Anderson will be created, and the first mixed use retail will start filling in at Tysons East.
Tysons West: Since construction the office/retail mixed use project which included Tysons urban format Walmart, the development at Tysons West has taken a pause. Across the street Greystar has built two 30-story towers in the mean time, so is now the right time for Kettler/JGB to start their mid-rise apartments?
Westpark Plaza: It was great to see the old Best Western — which had been abandoned for nearly two years — be torn down, but when does Dittmar plan to construct their high rise towers at Westpark Plaza?