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Tysons is undergoing a major transformation to become primarily focused on mixed-use development. This once sleepy suburban area – and more recently traffic-clogged community – hopes to transform itself into an urban edge city. We’ve previously discussed the efforts to redevelop Tysons and recently featured one of those key projects, Scotts Run South, as our deal of the month. A centerpiece of the Tysons’ transformation has been Capital One’s headquarters complex. The financial services giant successfully requested permission from Fairfax County to rezone its 26-acre campus for mixed-use development. Earlier this month, Capital One submitted a new zoning application to expand its original plans.
The residential real estate market in Northern Virginia continues to show significant signs of strength. Last month we discussed the rise in home sales and pricing for the region. This month, the good news continues for the homes market in Northern Virginia as it passes the $1 billion mark. The region again saw marked increased in the number of sales and sales prices for home. This growth resulted to a total sales volume of $1.008 billion for the month of April 2013 and was up almost 21 percent compared to April 2012. Crossing this threshold represents a significant achievement and highlights how hot the residential real estate market has become in Northern Virginia.
We have spoken a lot about the redevelopment of Tysons Corner over the past year in anticipation of the launch of Metro’s new Silver Line. Developers have been jumping at the opportunity to land in one of the most highly anticipated business districts in the Greater Washington area. It looks as though the region is about to get another mega-deal if all goes as planned. McLean-based Science Applications International Corporation announced in its public filing yesterday that it’s planning on selling its 18-acre Tysons Corner headquarters campus as part of its restructuring plan. (more…)
The seemingly impossible happened earlier this month when Cityline Partners received final approval from the Fairfax Board of Supervisors to develop Scotts Run South. The enormous project, which sits on 23-acres, will eventually consist of 17 new buildings making up 6.5 million square feet of development including 1,400 apartments and 3.5 million square feet of office.
A national REIT has closed on a deal to buy the last remaining development site at Reston Town Center. Boston Properties purchased the site from Beacon Capital Partners last week as part of a larger acquisition of Fountain Square. Originally, Beacon had planned to develop an office tower on the site that catered to technology companies, which make up a significant portion of the office tenants along the corridor. As a result of the Great Recession, however, Beacon was not able to finance the project.