The county is considering a plan to establish an economic incentive program for Lake Anne Village Center and other areas with limited development activity and dipping competitiveness.
The Economic Incentive Program, if approved by the Fairfax County Board of Supervisors, would incentivize parcel consolidation by reducing site plan fees by 10 percent and offering real estate tax abatement for up to 10 years.
It is designed to target areas with limited development activity, declining competitiveness and outdated land development and architectural designs, according to county documents. Projects must be limited to commercial, industrial, multi-family or mind use development. Additionally, up to 20 percent of existing development can be retained or repurposed.
Preliminarily, the board has identified several areas for revitalization for the following locations:
- Seven Corners
- Richmond Highway, Huntington
Lake Anne Village Center’s 41-acre Community Revitalization Area (CRA) is primarily focused on the plaza, which was the first area developed in Reston. Efforts to revitalize the plaza have been on the table for several years. The county designated the village center as a CRA in 1998 in order to stimulate reinvestment and development. Currently, roughly 22 percent of the village center is covered by surface parking, which needs repairs.
A public hearing is tentatively set for Sept. 15. If approved, the county will begin meeting with applicants to discuss potential projects. An executive outreach and education campaign about the program is also planned.
The board’s Economic Initiatives Committee is set to discuss the plan at a meeting tomorrow (Tuesday) at 11 a.m.