It was only 18 months ago we watched an aging mid-rise office building get knocked down to make way for CBG’s newest apartments in Tysons. At that time, we didn’t know whether or not the construction would begin, or if the demolition was meant to make the property development more attractive. It turned out CBG was very interested in continuing to construction, and with Kettler joining in, the Metropolitan Mile was completed in incredible quick order.
Now with the exterior of the building complete, and interior elements wrapping up, it looks like the Mile is going to begin leasing soon. There are a few elements yet to be done, like the completion of a much needed dog park that is in the works, as well as other public right of way streetscape improvements along Jones Branch Drive.
The project, despite being shorter than other towers going up in Tysons, was just as important to the future of Tysons. Firstly, the Mile proves that Tysons residential market is attractive in the zone outside of the direct metro shed as well, and could support mid-rise development. Secondly, it helped transition under used, wildly over-spaced, office towers into a far greater market need at this time, residential.
With the project finishing, eyes will be on PS Business Parks, owner of the larger land tract surrounding Metropolitan Mile, to see how the apartment units are absorbed. If they lease well, there may be some serious value in transition the Mile to be more like Mosaic in Merrifield, with a full mixed use portfolio around a strong community center.