Tysons has seen over a dozen major rezoning applications, one third of which have been approved or are near approval. With tens of millions of square feet in new development in the pipeline it becomes difficult to review the individual components and parcels that are contained within each major submission. Inside each Reston Town Center sized rezoning application there are, after all, several individual massive projects, each constituting anywhere from $60 million to upwards of $350 million per building.
Case in point, Arbor Row, a project which consists of 6 individual parcels, some of which are then re-subdivided into multiple phases, components, and buildings. Along the eastern portion of the project, Block F, the Association of Manufacturing Technology, an office building which the organization has outgrown, will be developed by the AMT into a high end office and conference center. Block E will be a high rise residential building which has a final development plan completed and approved. Block B and C are future phases yet to be approved for final development, and Block D will be a mid-rise hotel likely to be developed by the Hotel owner to be determined.
Lastly, there is Block A which last year was sold to Home Properties and also possesses the ability to break ground with an approved Final Development Plan. “The project includes 1 parcel where two buildings will be built” said Ruth Hong, Vice President of Development with Home Properties. “The first building will be a 24 story, 420 residential unit apartment and the second will be a midrise apartment building, with 250 units, about 12 months later.”
A lot of eyes will be on the early residential projects that will be completed shortly after metro is up and running. Ascent by Greystar, Ovation at Park Crest, and Tysons Tower will all be indicators as to the market for housing in Tysons.
Right now many of the projects that could break ground today appear pensive over how well that additional residential stock will be absorbed. “We expect to begin construction late 1st quarter of next year, possibly 2nd quarter, with an expected completion by mid-2016” says Hoang of the first high rise Home Properties building on Block A.
Home Properties Tysons LLC is a publicly traded multi-family real estate investment trust with over 42,000 rental apartment homes, and approximately 4,500 apartment homes in Fairfax County. As a contractor purchaser and co-applicant to Cityline Partner’s Arbor Row development application, for approximately 750,000 square feet of multi-family rental development, or approximately 670 units on Block A.