Now the company is gearing up for its next wave of multifamily projects,Aaron Liebert, area vice president and managing partner, tells GlobeSt.com. Once the four multifamily buildings in Capitol Yards, are delivered the firm will have seven buildings all together in the District. "So we are looking towards transit-oriented suburban projects as our next opportunity," he says.
The company plans to break ground at a site in Herndon, VA, a future metro stop for the Dulles Rail extension. To be called Jefferson at Dulles, this development has been penciled in at 460 units. The development costs will be roughly $120 million, Liebert says.
The company is also focusing on rezoning opportunities in Fairfax and Arlington. In Tysons Corner, for instance, the company is planning to build a 400,000-sf mixed use project at the future West metro station stop there. Currently there is a car dealership at the site. Liebert says it is too soon in the planning process to estimate development costs for that project. The company is also planning to build another 390-unit multifamily development at Bailey's Crossroads at a site that is also being rezoned.
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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.
