The site is divided into a north parcel, which could hold 800,000 sf of development and a south parcel that can accommodate up to 1.6 million sf. Both parcels can meet the security requirements of the Department of Defense and their contractors--a key office constituency in this part of Northern Virginia.
A spokeswoman for Akridge, which is developing the site through the Akridge Office Fund, tells GlobeSt.com that the project is currently in the design phase. Initial plans call for the development of two office buildings, roughly 150,000 sf each, that will be between four to six stories high.
Construction will begin on one building within 12 months, with delivery expected 18 months thereafter. Plans also call for at least two hotels--or an aggregate of 300 to 400 keys--with retail playing an ancillary or supporting role for the complex. The final number of office buildings has not yet been determined, she adds. The full center's development is expected to take place over the next 10 years.
Loudoun County's fundamentals is one driver behind the project; growth and continued office space absorption point to tight occupancy rates for the foreseeable future. Also, this center will be accessible to two new Metro stations once the Washington Metropolitan Area Transit Authority builds the new Dulles Metrorail extension.
"We're following jobs, growth and the Metro expansion plans; market conditions are perfect for this development in this location considering size, and the site offers flexibility as well," says Chip Akridge, chairman of Akridge in a statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
