Monday, February 21, 2011

Tysons Developers Plan 40 Acres Along Silver Line

Cityline Partners has filed a petition with Fairfax County to rezone Scotts Run Station into a 40-acre mixed use office, residential, hotel, and retail area as part of the Tysons Corner Comprehensive Plan, which incorporates a redesign of a low density project dominated by surface parking. The application was accepted by the county, indicating county planners have given the project an initial review, though numerous intensive public and administrative steps remain before final approval of the plan.

Cityline Partners LLC is a subsidiary of DLJ Real Estate Capital Partners of New York City' Cityline was formed in 2010 to manage the land holdings in Tysons Corner, which encompasses 114 acres and 22 buildings, the largest of the several gargantuan projects that will reshape Tysons as a more urban, gridded, walkable destination - if and when the plan is realized.

Located in the former Westgate Office Park, the area to be developed is flanked by Route 123, I-495 and the Dulles Access Road. The site is within a quarter mile of the proposed Metro station scheduled top open 2013.

"We dont want to turn this area into a concrete canyon," said Tom Fleury, Executive Vice President of Cityline Partners. "We're looking to develop the property into a transit-oriented, walkable, sustainable, mixed-use development with Scotts Run Stream Valley park as the focal point and natural amenity." The project will house eleven office buildings, nine residential buildings, one hotel, and ground level retail space. The entire project encompasses 8.5 million gross s.f. And while several other developers in Tysons Corner have projects nearly as large - 23 acres planned by Capital One and 28 acres planned by the Georgelas Group - each of the sites represents a only a potential for build out and none of the developers have plans to assemble anything close to the approved development in the near future. Once approved, the land could be sold along with the plans, or developed over years since the approvals do not expire. In this case spokesmen for the developer say the project will remain in the planning stage for the next few years, with initial construction forecast in 2013 when the Metro station is operable. Architects for the project have not yet been selected.

Tysons Corner real estate development news


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