Update: RA Tetra Purchase on Track for July Closing

Tetra buildingReston Association’s purchase of the Tetra building is still on track for a summer closing — and could be in use as early as next spring, says RA CEO Cate Fulkerson.

RA members voted in a spring referendum to allow the association to purchase the former Reston Visitors Center, which is currently being used as office space for Tetra Partners commercial real estate.

After a often-contentious community discussion, RA voters approved, by a narrow margin, the association borrowing up to $2.7 million for the purchase. RA plans to repurpose and renovate the 3,128-square-foot building for community, meeting and event space.

Fulkerson said RA is finishing bank paperwork and hopes to announce a closing date soon. RA said in its contract it wanted a closing date of July 31, but would not take possession of the property until 2016.

“We are talking with a full service firm for exterior and interior renovations,” said Fulkerson. “”We are trying to see if there is a possibility of finishing renovations by mid- April. It would be a dream of mine to have [the April 2016] annual meeting in the facility.”

RA plans to borrow $2.7 million with an interest rate of 3.35 percent locked in for 10 years, at which time RA would most likely refinance.

Developer Comstock is contributing $650,000 to the project as part of a deal for adding its new residential building, BLVD, to the association. Comstock will also get naming rights to the building for up to 10 years.

A Tetra working group is also in the process of being formed, said Fulkerson. The group will formulate some potential uses for the building, which is set on the shores of Lake Newport, where RA also plans to add enhancements for a lakeside park.

RA projects more than $100,000 in annual revenue from special event rentals and after-camp care at the building.

The task force will be made up of one resident from each of RA’s districts (Lake Anne/Tall Oaks, Hunters Woods/Dogwood, South Lakes and North Point); three residents of the neighborhoods adjacent to the property; and a member from each of RA’s advisory committees.

 

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