Comstock May Get Naming Rights on Tetra Building

Comstock's BLVD Apartments

Are you ready to attend a party at the Comstock Center on the banks of Lake Newport?

That could be the name of the former Reston Visitors Center, commonly referred to as the Tetra building, according to terms of the deal to add BLVD Apartments to RA.

Reston Association members recently approved by referendum the purchase of the Lake Newport-area building from Tetra Partners commercial real estate for $2.65 million.

RA announced earlier that it would be getting a $650,000 contribution from Comstock Partners as part of the deal to add the 540-unit BLVD Apartments to the association.

As part of the terms of that deal, Comstock will have naming rights to the Tetra building for 10 years, RA says.

Some of the terms of the deal, which are open for a discussion at the first of two public hearings on May 28 at 6 p.m. at RA headquarters, 12001 Sunrise Valley Dr.:

RA will be paid $300,000 (as required by Fairfax County proffer for recreation), as well as an additional $350,000, which will be used in the refurbishment of the Tetra property. Comstock will get certain building naming rights for a period of 10 years, RA said.

The offer of RA recreational packages for purchase by tenants of the apartment units at a fee annually established by the RA Board of Directors.

Comstock will market the RA recreational packages to its tenants.

At such time the apartment units are converted to condominiums, the payment of a certain percentage of the RA annual assessment rate.

In fulfillment of additional county proffer requirements, RA will be responsible for the administration and staffing of the design review process in coordination with Comstock and, under the direction an Urban Redevelopment Review Panel, responsible for administering design guidelines for the area. Reston Association will be paid an annual fee for such services by Comstock.

The RA Board of Directors voted in March to start the process to add BLVD, which will have one-, two- and three-bedroom luxury units at Reston Station, adjacent to the Wiehle-Reston East Metro station. BLVD is expected to begin leasing later this year.

Under RA Bylaws, properties can be added to the association with written consent of fee simple owner (in this case, Comstock Properties) and a two-thirds vote of the board.

The Board of Directors passed a motion several years ago to make adding new construction in Reston a priority for the association. Properties within Reston Town Center are not in RA territory.

New buildings such as The Harrison, which recently opened on Reston Parkway, and BLVD, as well as planned new and replacement construction at the Crescent Apartments site, are slated to be RA members.

The second hearing will be held June 25.

Photo: BLVD Apartments/file photo

Recent Stories

Students at West Potomac High School walked out in September to protest Virginia’s proposed policies on the treatment of transgender students (photo courtesy of Mara Surovell) The Virginia Department of…

The arts center could be located on Block J in Reston Town Center (via Fairfax County) A proposal for a new arts center in Reston will be the topic of…

The office building at 11091 Sunset Hills Road in Reston (via Google Maps) A solar and roofing company is moving its location in McLean to Reston — a $350,000 relocation…

Morning Notes

Construction machinery at the I-66 and Nutley Street interchange during sunset (staff photo by Angela Woolsey) In-Person Black Friday Returns — “Over at Tysons Corner in Virginia the parking lot…

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