Six years after Mill Creek Residential Trust was selected by WMATA to develop 15 acres of land surrounding the Dunn Loring-Merrifield Metro stop in Vienna, Va., construction has finally begun, with the first component of the development to be a 250-unit apartment building.
In 2005, the Washington Metropolitan Area Transit Authority (WMATA) and MCRT completed a development agreement outlining a plan to build 628 apartment units (3 buildings), significant retail space including a 50,000 s.f. Harris Teeter, and a 2,000-space parking garage to consolidate the 1,355 spots now spread across a surface parking lot on site. MCRT has committed to 65,000 s.f. of retail but has the option to build another 60,000 s.f.
As reported by the Washington Post, MCRT secured a construction loan from Pacific Life Insurance Co. a month ago (August 8th), allowing the first phase of the development's estimated 4-year-long construction timeline to get underway.
Virginia real estate development news