With so many plans approved and in the pipeline in Tysons one might think that all the usable space in Tysons, atleast that which is close to metro, is already in the process of redevelopment. In reality Tysons is a very large land area, and even with all of the development proposals there are plenty of gaps on properties that seem like no-brainers.
Case in point, two properties along the east and west side of International Drive at the intersection of Route 123. The current properties contain a few 1-story commercial buildings, including two gas stations. Most of the property space is used in surface parking and inadequately maintained weeds and underbrush.
The properties are a combined 8.4 acres. Property 1 is located well within the 1/2 mile radius from Tysons Corner metro station, while Property 2 is between 1/4 and 1/8 of a mile away. The two properties are assessed at roughly $25 million, but at sale would likely garner between $45 and $60 million due to their rezoning possibility.
Due to the proximity of the properties to metro, much of the redevelopment would have unlimited density and heights of up to (if not greater than) 400 feet. The remainder would still have the ability to rezone for heights up to 225 feet. The resulting development could include as many as 9 buildings with a total floor area of 1.9 million square feet. The FAR (Floor to Area Ratio) of Property 1 would be 3.0, allowable by the comprehensive plan if the property does not include office use or utilizes additional density through affordable housing or special exception. The FAR of Property 2 would be just under 10.0 (allowable as the property is within 1/8 of a mile from metro) and could be a mix of office and residential uses.
The two properties combined would provide roughly 1,300 residential units (assuming a 70% residential use for Property 2) and approximately 350,000 square feet of mixed use commercial space. At $400 psf assessed (approximate average for new buildings in Tysons) the property after redevelopment would be valued at $760 million, and contribute an additional $9 million per year in tax revenue.
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There would be additional benefits from the redevelopment by allowing two new street grid crossings of Route 123 and a new grid crossing of International Drive. An additional right-in/right-out connection with Route 123 could also be made along the west side of the redevelopment. All of these grid improvements would increase walkability in what is currently a difficult to traverse portion of Tysons. The smallest redeveloped parcel located within Property 1 (fully encircled by new pedestrian friendly roads) could also serve as a school site or park space.
Naturally, over time, these properties will be redeveloped. Parcels that are under-developed and within such close proximity to metro are usually prime redevelopment prospects. In this case, no residents would be disrupted, all existing tenants could still be co-located with the new buildings (yes even the gas stations), and unused asphalt lots which are bad for near by streams and land values would become activated neighborhoods with transit access.
These are the types of properties that make the most sense to utilize to the greatest extent possible, so that existing suburban neighborhoods elsewhere in Fairfax can preserve their present day character.