Commercial real-estate news source Bisnow hosted a “Fairfax County State of the Market” event last week, at which representatives of several top area developers spoke about the boom in development in Reston and Tysons. According to Bisnow’s report, the areas are currently in a state where supply is outpacing demand.
“In Reston we’re a little sick, but Tysons is in hospice in terms of the glut of apartments,” said Greg Trimmer, JBG Smith executive vice president of development, according to the Bisnow report. Trimmer is reported to have said that apartment rents in Reston are flat — and in some cases slightly negative — due to the amount of new multifamily construction.
JBG Smith is involved in numerous residential projects around Reston, including the next phase of the RTC West project, which would include 700 dwelling units in two towers. It also has a stake in the 1831 Wiehle project, which would bring in about 1,500 new residents. In addition, Fairfax County has approved JBG Smith’s plans for about 500 more residential units and more at the Commerce Executive Park; however, the developer may be looking to unload that property.
Trimmer is reported to have said that Reston is positioned well to be a residential success, but that it is currently experiencing a “blip.”
“In the long term we’re set up well, but right now we do have a bit of a problem,” Trimmer is reported to have said.
Comstock CEO Chris Clemente is reported to have agreed, saying that the 450-apartment BLVD has not leased as quickly as expected. He says the hope is that will change once the full Reston Station development begins to take shape.
“I think a lot of that has to do with the lack of understanding of what this neighborhood here is going to be,” Clemente is reported to have said. “The new residential buildings will benefit from that lifestyle that only comes when you have a more complete environment.”
Comstock’s additional plans include 460 more residential units where the Sunset Hills Professional Center currently stands.
Mike Henehan, Bozzuto’s senior vice president, also spoke on the issue during the forum. He is reported to have given similar comments about the glut of new apartments and the supply surge in Reston.
Bozzuto is currently leasing apartments at its new 421-unit Aperture building.
“There is still some rent growth in this market,” Henehan is reported to have said. “It certainly doesn’t keep up with construction costs and some of the other costs, so I think there will be a little resistance there over time.”
File photo of Bozzuto’s Aperture apartments under construction, August 2016
An approved plan for massive development of the Commerce Executive Park near the Wiehle-Reston East Metro station may be at a fork in the road, the Washington Business Journal reports.
According to the WBJ, JBG Smith is marketing the 12-acre property Commerce Executive Park to prospective buyers. JBG Smith took ownership of the property — south of the Dulles Toll Road and at the northwest corner of the Sunrise Valley Drive/Wiehle Avenue intersection — from Vornado Realty Trust earlier this year as part of the recent merger of JBG Cos. and Vornado’s D.C. business unit, Charles E. Smith.
The three existing six-story office buildings would remain in the redevelopment plan, but the rest would be transformed into a live-work-dine-shop destination for those who want to be close to Metro and Reston’s busy business corridor. The new buildup would include towering buildings that would be among the tallest in Reston:
- a 22-story, 275-foot-tall office building
- a 24-story, 255-foot-tall residential building with up to 300 dwelling units
- a 14-story, 165-foot-tall hotel with 175 rooms
- a 7-story, 100-foot-tall residential building with up to 200 dwelling units
The plans also include a total of 1.5 acres of open space, with small parks, bicycle tracks and a promenade along the businesses, and would feature public art including a water feature.
According to the WBJ report, the fact that CBRE is marketing the properties for JBG Smith doesn’t necessarily mean a sale is imminent or will even happen at all.
UPDATE: The Starbucks location opened Monday, Oct. 9.
Another new Starbucks will soon open in Reston.
Signs inside the future coffee shop at 12130A Sunset Hills Road, within the RTC West development, indicate that the new Starbucks will be ready soon. The storefront is attached to Cooper’s Hawk Winery and Restaurant, which opened in August.
A spokesperson for RTC West developer JBG Smith said she could not provide an exact opening date for the Starbucks. An “opening soon” sign hangs inside, visible through the front windows. Several “Now Open” sandwich boards are also stacked inside, ready for deployment.
This will be the ninth Starbucks in Reston, joining locations at North Point Village Center, South Lakes Village Center, Hunters Woods Village Center, Reston Town Center, the Spectrum shopping plaza, Plaza America, Reston Station and inside Target.
Six additional restaurants are also planned for the development. Significant work has been done at the sites of the future Nando’s and Mezeh restaurants, which have been in the plans since April 2016. Other coming restaurants, which were announced earlier this year, include BGR The Burger Joint, Punjabi by Nature, The Black Squirrel and Honeygrow.
Cooper’s Hawk Winery and Restaurant is now open at 12130 Sunset Hills Road, marking the official opening of the RTC West restaurant and retail complex.
In March 2015, JBG Companies (now JBG Smith) announced that Cooper’s Hawk would be the anchor tenant of the 40,000-square-foot RTC West development. With its opening this morning, the Reston location becomes the 30th Cooper’s Hawk restaurant in the nation. It is the third in Virginia.
The 9,365-square-foot restaurant also features a 522-square-foot mezzanine area. It has “a lively tasting room and market, indoor dining for 196 guests, outdoor dining for seating for 146, and a private event space that can accommodate up to 44,” according to a recent press release from the restaurant. More than 200 employees were hired this summer.
A ribbon-cutting ceremony for the new restaurant was Saturday night, Around Reston reports.
Cooper's Hawk Winery & Restaurant in Reston opens today, Aug 28! Ribbon cutting was held Saturday night. In attendance,…
The restaurant’s menu includes items such as candied bacon and artisan cheeses; gnocchi bolognese with braised short rib; Southern hot chicken; pan-roasted barramundi; shrimp and scallop risotto; and wild mushroom-crusted chicken. In addition, more than 40 wines — produced at the Cooper’s Hawk winery in Illinois — are available to customers. Each menu item has a wine-pairing suggestion.
One of the restaurant’s most popular features, its representatives say, is its Wine Club. Members are privy to special wine offerings each month, as well as monthly Wine Club dinners and tastings.
Cooper’s Hawk will be open at 11 a.m. each day. Closing times are 9:30 p.m. Mondays through Thursdays, 10:30 p.m. Fridays and Saturdays; and 9 p.m. Sundays.
Work also continues on other buildings in the RTC West development that will soon house six more restaurants, a nail salon and a Starbucks. The other restaurants on site will include Punjabi by Nature, The Black Squirrel, Honeygrow, BGR The Burger Joint, Mezza Mediterranean Grille and Nando’s Peri-Peri.