RA Estimates $122K Annually From Tetra Rentals, Programs

by Karen Goff April 3, 2015 at 4:20 pm 21 Comments

Tetra building Reston Association is expecting the repurposed Tetra building will bring in about $122,000 of revenue annually from rentals.

The association has put in a conditional purchase contract on the 3.48 acre property for up to $2.65 million. The 3,128-square-foot building, which served as Reston’s Visitors Center for 20 years, has been the offices of its owner, Tetra Partners commercial real estate, since 2003.

RA members will be asked to vote in a referendum in order for the contract to go forward. The referendum, which will ask is RA should go forward with the purchase of the building at 11450 Baron Cameron Ave.; renovate and repurpose the existing building and land for community and recreation program uses; and, borrow up to $2.6 million for the purchase.

The referendum starts April 13 and runs through May 8. The results will announced May 11. The referendum needs votes from 1,751 households (10 percent of eligible households) to be valid.

RA officials said one reason for the purchase is to add indoor recreational and community use space to RA’s offerings. The association currently has conference rooms at its headquarters at 12001 Sunrise Valley Dr., Walker Nature Education Center, and Brown’s Chapel (limited use) for indoor usage.

“RA’s current year-round indoor programming spaces are limited,” RA President Ken Knueven said at the South Lakes District Meeting last week. “RA staff believes there are many opportunities to conduct a variety of community based programs for all ages at the property, in the building and on the grounds. By keeping the existing building foot print and reconfiguring the building’s interior, RA would have the ability to provide a venue for instructional, art, health and wellness programs and events.

“In addition, the space will offer an attractive venue for corporate and event rentals, as appropriate in a residential neighborhood. ”

RA says it will put hourly use limitations in place “so as to mitigate possible noise pollution to the surrounding neighborhoods during weekday and weekend evenings.”

RA says it will ask members what programs they would like to see added at the new building, should they acquire it.

Meanwhile, with some basic usage categories in mind, RA staff has developed “a conservative rental and programming plan” to project potential revenues from the use of property, which could include:

  • Youth holiday and break. Full-day program for three weeks serving 30 children — $17,850
  • After camp child care — $4,700
  • After school programming for 30 children for the full school year — $46,900
  • General programming for children, family, seniors and one-time programs — $4,055
  • Instructional & educational programming for all ages — $15,100
  • Corporate/community rentals, 65 annually, 2-hour minimum — $8,500
  • Weddings and Celebrations, 15 weddings or celebrations in key months May/June, September/October — $25,500

See more income and expense forecasts for the building on the updated Tetra Fact Sheet on RA’s website.

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