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
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
8 comments:
Is the Metro West proposal at the Vienna metro station now completely dead?
Metro West is under construction: http://www.pulte.com/communities/va/fairfax/metrowest/index.aspx?lsc=Community_Offer&CMP=OTC-MID-unique-oth
This is great news for the folks in the area. With this and Mosaic District, Merrifield and the Dunn Loring station area are going to be pretty hopping places! See what's also under construction here: http://mosaicdistrict.com/
What a huge missed opportunity. All that surface parking. I keep reading that Farifax is trying to learn the lessons from Arlington's Metro success, but the site plan is damning evidence that they still don't get it.
Replacing parking lots with parking lots, + chain stores.
Unfortunately, the costs of construction make building below grade ($50k/space) or even structured parking ($30k/space) financially impossible. So, when the rents at that metro stop match the rents in Arlington, then we'll see more density . Otherwise, let's just be happy with the project moving forward.
The majority of the parking is structured, above grade.
The definition of penny-wise pound-foolish. This project will delay if not prohibit the development of a urban center at this Metro stop.
The Fairfax parking gods must be appeased.
This Einstein quote seems very appropriate... Insanity: doing the same thing over and over again and expecting different results.
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