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.