In a letter sent to the Fairfax County Department of Planning and Zoning, McLean-based Kettler Services, Inc. withdrew their requested rezoning for their 9-acre, $500 million Midtown Springfield project which would have included 800 residential units, 100,000 s.f. retail, 40,000 s.f. office space, and a hotel. The company had previously requested a deferral of the rezoning to gain time to work with the community and County and, according to the July 27th letter sent by the developer’s attorney, Gregory Riegle of McGuire Woods, LLP, to “respond to, among other things, unanticipated and unprecedented changes in construction costs.”
The letter also said, “Rather than pursuing a diluted plan that does not respect community expectations, there is no practical alternative than to withdraw the rezoning.”
Cassie Cataline, Vice President of Marketing and Communication for Kettler, said the company is taking the “wait and see” approach. She said the project’s future depends on the improvement of the real estate market, therefore, no alternative plans have been announced.
Sunday, September 02, 2007
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2 comments:
eek.
one of many projects going this route.
i guess the larger metropolitan dc real estate market isn't immune to the current markets.
at least we're not as bad as miami...
An interesting note on the DC market: If you read the housing reports, you learn that we have either dropped 10% or gained 10%, or somewhere in between. There is no consensus on how the DC market is performing, partly because of the way housing prices are measured, but partly because of the definition of "greater DC area". Loudon County had a bad year, but DC and Bethesda property did very well. The further you go, the worse the market seems to be, so this isn't a great surprise.
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