Is Silver Line Delay Slowing Reston Business, Real Estate?

Reston Station mixed use development is ready for tenants.

When the Metropolitan Washington Airports Authority announced earlier this week that the Silver Line still has issues to fix and would not be turned over to Metro just yet, it marked the third such delay in the last several months.

While there has never been an exact opening date announced for Phase 1 of the rail extension, which will run from East Falls Church through Tysons Corner to Reston’s Wiehle Avenue, it now looks like the first riders will not be aboard until at least this summer.

Original estimates speculated the Silver Line would open in late 2013 or January of 2014.

With many businesses and real estate markets counting on rail to Reston, does this affect anyone’s plans?

Maggie Parker, spokesman for Comstock, which is developing (along with Fairfax County) the seven-level parking garage at Wiehle-Reston East, as well as the mixed-use Reston Station development above the garage. The garage is ready to open. Construction of the plaza where retail will be located is finished, and construction on the luxury apartment building just got underway.

But so far, no Metro means no tenants.

“The delay does slow things down,” says Parker. “Interest in Reston Station has increased dramatically since the track work has been finished and trains have been testing. But the real impact will be felt once we have train service here.”

“Meanwhile, we have 3,300 lonely parking spots,” she added. “If the Metro were open now, we would certainly be much farther along [in leasing space].”

Andy Klaff, executive vice president of Colliers International commercial real estate services, says most clients are thinking long term. In the big picture, a delay of a few months should not affect the commercial real estate market.

“The Silver Line delays should not affect business from Tysons to Reston,” he said. “Businesses are relocating to metro accessible projects for the long term benefit. Companies, like Intelsat and CVENT, have already signed so that they can attract and retain their employees that will utilize public transportation.”

Similarly, residential customers are being patient as well, says one Reston Realtor. The Reston area has been waiting for Metro service for decades.

“Everyone knows Metro is coming,” said Marnie Schaar of Long & Foster’s Reston North Hills office. “The weather this winter is what has had the biggest impact on buyers.”

Fairfax County real estate tax assessments went out this week, and the county says 88 percent of homeowners saw an increase in their home value due factors such as a strong economy. It is hard to say whether Reston-area values are impacted yet by proximity to Metro, something that has been predicted for years.

Bonnie Haukness of Long & Foster’s Reston office says that prices are already reflecting Metro’s impending arrival.

“I have heard of a few sellers who are waiting with the thought that once the metro station in Reston is opened, prices will climb,” she said.  “In my opinion, there has already been an increase in the prices, especially on those properties that are “walkable.” Buyers, on the other hand, should be trying to purchase prior to the opening of the Silver Line, and possible further escalation.”

Photo of Reston Station by David Madison Photography.

Recent Stories

The Reston location appears to have closed (staff photo by Angela Woolsey) Flippin’ Pizza, a pizza chain that serves New York-style pizza, appears to have closed its Reston location. The…

Police blocked off southbound Route 29 at Centrewood Drive after a fatal pedestrian crash in November (via VDOT Northern Virginia/Twitter) The Fairfax County Police Department is doubling down on traffic…

Morning Notes

Inside the Fairfax City Regional Library (staff photo by Angela Woolsey) Redevelopment Proposed in Bailey’s Crossroads — “Several community members who attended a Fairfax County Planning Department presentation on a proposal…

A&J Restaurant in Annandale (file photo) Seven restaurants in Fairfax County are part of this year’s Washingtonian’s 100 Very Best Restaurants list. The restaurants that earned a coveted spot include:…

The Ravel Dance Studio will re-open for fall classes 2020. The school will offer in person and virtual online instruction. With over 5000 sq. ft. to social distance the school has added air ionization filtration systems, ballet barres, acrylic dividers, hands free bathrooms, strict monitoring and more.

The Ravel Dance Studio will produce a Nutcracker Ballet Hollywood style video through the Reston Community CenterStage. REGISTRATION online begins August 17.

Submit your own Community Post here for just $99.

Chris Green is one of the DMV’s finest fitness instructors. A Lululemon and South Block ambassador, he is a coach and mentor to so many. He embodies grace, positivity and motivation in ways that no one else can. If we could all learn a thing or two from him, the world would be a much better place. He does so much for others, and does so with a smile on his face 99% of the time.

He recently ruptured his Achilles and has an incredibly long and tough journey ahead. As if COVID hadn’t impacted fitness professionals enough, throw this in the mix and it’s a double, even triple whammy. CG is no longer able to work and do what he loves for the time being because of this and we’d love your support.

Read More

Submit your own Community Post here for just $99.

×

Subscribe to our mailing list