The rebounding real estate market is generating new development, and the completion of previously-planned development in Lousoun County. This will reshape the future to a large degree. The four projects to keep an eye on in 2015:
Loudoun Station – Comstock Companies is the developer. This will be the development at the final stop of the Metro Silver Line, scheduled for 2018. There will be one million square feet of office space; 300,000 square feet planned for restaurants, hotels, and retail. Construction began in 2011.
Leasing has begun at BLVD, an apartment complex gearing to the upper-end market. Expected to open in 2015: Burger 21; The Zone; In Style Nails, and Starplex Cinema.
Village at Leesburg – This will be a mixed-use area, with 207 residential units planned. There will likely be more residential units added as the area develops. The Village of Leesburg also owns two parcels the the east of Cross Trail Boulevard, which across from the Leesburg Wegman’s. Plans for what will be developed on those lots are undecided at this time.
Moorefield Station – Moorefield Station will also be at the Loudoun Station Silver Line subway stop, at Route 772. The planners expect that the final subway stop will provide a natural and logical location for an urban-like walking community. Moorefield Station has been approved for 9.5 million of office space, a hotel, commercial space, and retail space.
The Claude Moore Charitable Foundation has committed more than 200 acres of the 600 intended for Moorefield Station, leaving almost 400 acres to develop. The Claude Moore Foundation will use funds from the development of land for educational grants. A school, public safety, and recreational site are part of the acreage sold and committed to Moorefield Station. Roughly 20 acres of this will go toward parking.
The Northern end of the development is planned for town homes and other residential units. The Southern end will have office buildings surrounding a 10.5 acre recreational center, and town homes. The rest of the land is still uncommitted, as to its final planned use.
Dulles Town Center – Located near Route 28 and Route 7, Lerner Enterprises plans to add 5.4 million square feet of office, commercial and retail development, beginning in 2014. Two major projects should be finished in 2015: a regal theater and The Windmill Park, an apartment complex with 433 units.
Also on the drawing board are Nokes Plaza, a plane 56,000 square foot mixed-use development. It will be at the Corporate Office Park in Dulles Town Center, and is due to be completed in 2015.
Ray Wedell, Realtor
Chartered Financial Analyst, CFA