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Reston Association Closes on Tetra Building Purchase

by Karen Goff — July 24, 2015 at 11:45 am 10 Comments

Tetra buildingReston Association closed on its acquisition of the Tetra building on Thursday and will now move forward on refurbishing the building and its 3.47-acre property for community space.

Reston Association members in May approved the $2.65 million purchase via referendum. The referendum capped a busy few months of community discussion, debate and opposition to the purchase.

Opponents cited expense (the purchase price was nearly double the most recent tax assessment), borrowing money and whether Reston needed the additional space among the reasons not to purchase.

Reston Association maintained the acquisition — which gives the association 98 acres of contiguous space at Brown’s Chapel Park and Lake Newport Tennis — would stave off commercial development and offer an additional location for community and private events, as well as a park on the banks of Lake Newport.

“The Tetra Property purchase represents a historic moment for our association,” said RA President Ellen Graves. “It is the first time in RA’s history that property has been acquired to protect against over development, to enhance green space and to increase community and recreational use opportunities for members.”

RA CEO Cate Fulkerson says RA is eager “to begin site and building improvements and renovations so that the community can take advantage of this wonderful venue  for meetings, recreational programs and corporate/event rentals by spring 2016.”

Fulkerson said there will be no impact to the RA assessments until “2018 at the earliest.”

Some details of the deal:

Reston Association assumed a $2,650,000 term loan issued by Access National Bank secured by the assessment revenues collected by RA.

Seller Lake Newport, LLC placed $275,000 of the Purchase Price in escrow to be used by RA for improvements, renovations and repairs to the Property.

Lake Newport, LLC will lease back the Tetra building and 20 reserved parking spaces from RA from the July 23 settlement date through Dec. 31, 2015. The lease rate is $32 per square foot net of utilities and cleaning.

RA has also received $650,000 from Comstock as developer contributions from the deal to add BLVD apartments to the association. Comstock will also have 10-year naming rights to the building. That money will also go towards renovations.

RA will now narrow down ideas for the site’s use. The association is forming a working group to develop an initial the plan by December.

Members interested in joining the working group can download the application form at on Reston Association’s website or contact RA’s Board/Committee Liaison Sabrina Tadele at [email protected] or call 703-435-6570.

Reston Association staff will be collaborating Cresa Partners to oversee all aspects of the project including: exterior design and maintenance, developing interior space reconfiguration plans, managing the engagement designers, contractors, voice/data suppliers, furniture and other contracts.

  • Wings!!

    Ya’ll know what I’m thinking…

    #HootersForReston

    • Ming the Merciless

      If only. This will be much more stupid, useless, and expensive than that.

  • Mike M

    This explains it! Why my wallet suddenly felt lighter yesterday.

  • quest4fire

    With RA buying/investing in the Tetra property, they wont have the
    money to buy the Golf Course

    • Ming the Merciless

      They have no money. They didn’t need it to buy Tetra. And they won’t need it to buy any crazy property they want.

      How is this possible?

      BECAUSE THEY HAVE OUR MONEY.

      As the article notes: “Reston Association assumed a $2,650,000 term loan issued by Access National Bank secured by the assessment revenues collected by RA.”

      There is practically no end to the insane purchases they could make “secured by the assessment revenues collected by the RA” – including, if they so desire, the golf course.

      • quest4fire

        Well said. Where will they get the money if and when RA discovers the unknowns of the Tetra property (mold, termites, structural integrity, etc) that could exceed the developer proffers and assessment increases?

  • Sheik Yerbouti

    In the spirit of the RA offering discount prices for access to the pools and tennis courts to non-RA members. I hope they charge double for RA members when they wish to rent the Tetra hall. They will payoff that loan in no time.

  • east297

    Uh…guess my dues will be a grand next year!!!

  • Guest

    What a waste of money!

  • Greg

    Give me a break, lady. Over development at tetra? There was NO development possible there for many reasons. “The Tetra Property purchase represents a historic moment for our association,” said RA President Ellen Graves. “It is the first time in RA’s history that property has been acquired to protect against over development,..”

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