DULLES, VA—Pulte Homes has acquired a 13.54-acre parcel of land in Loudoun County. It purchased the parcel for $11.5 million from Washington Property Co. after the Silver Spring based-developer rezoned the land from commercial to residential use. Pulte plans to build 95 town homes on the site.

The acreage, University Center Parcel P-1, is located near the intersection of Routes 7 and 28, adjacent to an existing town home community. It is also near Inova Loudoun Hospital, the Howard Hughes Medical Institute's Janelia Research Campus, and Dulles Town Center.

“WPC acquired this parcel during the economic downturn when commercially zoned land value was low,” said Daryl South, WPC's Senior Vice President of Development, in a prepared statement.

As it turned out, because of the location and steep slope of the site, WPC determined it was better suited for residential use.

Rezoning was completed at the end of 2013, and Pulte contracted the land, subject to preliminary plat approval, which they received at the end of 2014. Pulte is currently pursuing approval for its final site and building plans so that it can begin construction, South adds. WPC declined to comment on the deal beyond the press release.