Dive Brief:
- A Virginia developer has proposed a $1.3 billion mixed-use project for the Washington, DC, suburb of Tysons Corner, VA, according to Virginia Business.
- Clemente Development Co. said the 2.8-million-square foot, five-building project — called The View at Tysons — will include almost 530,000 square feet of office space, nearly 112,000 square feet of retail, 786 apartments, 320 luxury condominiums, a hotel and a performing arts venue.
- Project officials said that they have already invested approximately $1 million in preplanning and design costs and have the property, a 7.4-acre parcel located next to a Metro station, under contract. The project is fully funded, but the company still must win rezoning approval, which is expected to take 12 to 18 months.
Dive Insight:
The DC area has seen a surge of mixed-use development, responding to the demand for work-live-play urban areas and representing a shift away from the traditional commuting lifestyle.
Another planned suburban DC project is a 31-acre, $650 million mixed-use project in Rockville, MD. The Lantian Development project will offer up 100,000 square feet of retail, a hotel, 300 townhouses, 200,000 square feet of office space, and more than 1,500 apartments.
The most recent example of the trend toward mixed-use in the DC area is the $1 billion transformation of a 66-acre portion of the historic Walter Reed medical campus into a complex that will include 2,100 for-sale and for-rent residences, up to 250,000 square feet of retail, 85,000 square feet of office space, a hotel and conference center, art and cultural space, two language-immersion charter schools and 20 acres of green space. Sticking to its medical history, the project will also feature a 116,000-square-foot Howard University Hospital facility.
The District's waterfront is also a popular area for development. The Wharf, currently under construction, is a $2 billion mixed-use project on the Potomac River that will include office, retail, residential and the city's first pier-top office building, Pier 4.
