Brookfield Property Partners now owns two office buildings next to its future Reston Crescent project, a planned mixed used development with more than 2,000 residential units and the likely future home of Wegmans.
The acquisition expands Brookfield’s footprint in Reston. Although the offices have the potential of 290,000 rentable square feet, CBRE has marketed the property as a redevelopment project that could yield up to 1.2 million square feet of mixed-used development.
“The sale of Summit I and II is consistent with our strategy to take advantage of market conditions to recycle capital, deleverage our balance sheet and reinvest the proceeds in higher-yielding growth opportunities,” Matt Kelly JBG Smith’s Chief Executive Officer wrote in a statement.
JBG Smith bought the buildings for $51 million in 2012 and renovated them. The company maintains ownership of other major sites near Wiehle-Reston East Metro Station, VY at Reston Heights and RTC West.
Photos courtesy JBG Smith
Plans for the future Reston Crescent development, a 36-acre plot of land in the northwestern corner of the intersection of Reston Parkway and Sunrise Valley Drive, are moving forward.
The proposal by Brookfield Properties, the New York-based developer behind the 4.3 million square foot project, scale back the residential component of the major mixed use project. Roughly 45 percent is dedicated to residential use, down from 66 percent planned in February of last year.
Wegmans has signed a letter of intent for the project, but Andrew Brent, a spokesperson for Brookfield, said no updates on the grocer’s plans were available. Eight blocks are planned on the site, which will include 1.7 million square feet of residential, 1.9 million square feet of office space, a 125,000-square-foot hotel and a 250,000 square feet for assisted living.
Brookfield also plans more to include than double the amount of retail it pitched in July from 125,000 to 380,000 square feet. The plan will also include more open spaces and urban parks, including a 0.3-acre neighborhood park, a 0.3-acre dog park and other areas.
If approved, the plan would add new streets in an effort create grid-like pattern in the road network — a transition taking place in other major mixed use developments near future Metro stations.
The developer plans to dedicate 15 percent of all residential units for affordable or workforce housing.
Other proffers were also noted in the plans:
- $2,090 per residential unit to the Reston Road Fund
- $11,749 per student generated, based on a formula of 0.11 students per residential unit
- Six public park spaces
- LEED certification for residential buildings
- LEED Silver certification for new office buildings
Fairfax County accepted the final development plan for the project on Feb. 5. A presentation was given to the Reston Planning & Zoning Committee in late January.
Renderings for illustrative purposes via handout/Brookfield Properties
That was the message of Larry Butler, Reston Association’s senior director of parks, as he addressed directors during their meeting Thursday. Butler shared information about some of the largest potential redevelopments that remain on the horizon. Butler’s information came from a map that was provided to him recently by the Fairfax County Department of Planning and Zoning.
“When I received it, I was fascinated,” Butler said. “Some of these, most people have not seen.”
Butler specifically shined the spotlight on five projects outlined on the DPZ map.
- Reston Gateway Commons, to be bordered by Town Center Parkway, Sunset Hills Road and the W&OD Trail. The 23-acre plot, proposed for development by Boston Properties, is between the future Reston Town Center Metro station and RTC itself. In the pre-application process, Boston Properties is proposing 3.94 million square feet of residential and retail, along with a 1/3-acre park. It could have as many as 1,688 dwelling units.
- Campus Commons, located on the south side of the Dulles Toll Road near the southeast intersection of Wiehle Avenue and Sunrise Valley Drive. The rezoning application, which is in process, would add four new residential buildings and four parks. This could add up to 1,100 dwelling units on the 11.6-acre property.
- A major property assemblage on Association Drive, near the intersection of Sunrise Valley Drive and Soapstone Drive. This 23-acre plot, which is in the pre-application phase, is rumored to be sought after by grocery chain Wegmans. The design shared by Butler with the board shows a grocery store on the south side of the property, bordering Sunrise Valley Drive, among its numerous retail and residential buildings. Butler said nothing has formally been submitted to the County on the project, but “there are clearly discussions going on that there’s a general concept plan that has been drawn up for this.”
- The redevelopment of Isaac Newton Square. Butler said the proposal remains in the pre-application phase and there is no preliminary information available yet.
- Reston Crescent, located in the northwest corner of the intersection of Reston Parkway and Sunrise Valley Drive. Currently going through the County approval process, the 36-acre property — which Butler called a “monster development” — would be redeveloped to add up to 2,260 dwelling units, 1.18 million square feet of office space, up to 125,000 square feet of retail, and potentially a 160-room hotel. Six parks are also included in the plan from developer Brookfield Properties.
A total of 44 redevelopment proposals appear on the map provided by DPZ.
“The main point to highlight is there is a lot of activity going on,” Butler said. “This gives you an idea of the volume of activity that is happening here in Reston.”
As director of parks, Butler noted that the revised Comprehensive Plan calls for three fully lighted athletic fields near the TSAs — something absent from the redevelopment proposals.
“In none of these have we seen a ballfield,” Butler said. “I think we need to drum up a little interest in this … to define locations on some of these major assemblages where these things can occur.”
John McBride, RA’s land-use attorney, said it is impressive to see so many developers willing to invest in the community; however, he added, Restonians need to make sure they remain informed on each application and remain engaged with Fairfax County throughout the approval process.
“It’s a lot of work to get up on these applications, [but] public input is so important,” McBride said. “You are listened to by senior County staff and all of the Fairfax Board of Supervisors members and planning commissioners only when you do your homework [and] you’re reasonable.”
None of the properties highlighted by Butler in the proposal lie within the purview of Reston Association, meaning any meeting with the Design Review Board by a developer would be as a courtesy only.
Map courtesy Fairfax County Department of Planning and Zoning via Reston Association