If you don't see images, click here to view
To ensure delivery, please add mark@bisnow.com to your address book, learn how
Send story ideas (anonymously)  Events 
| Forward to a Friend
Real Estate Bisnow
Legal BisnowWomen BisnowTech BisnowAssociation BisnowNYC Real Estate
   
September 12, 2008
 
       
 
LandAm
 
TIMES A-CHANGIN'
IN PRINCE BILLY

Don't miss the great Builders' Ball, Nov. 8 at the Building Museum. Our friend Darrel Rippeteau does an amazing job as chairman, and everyone goes, so be there or be square.


 

Forgive the headline, but we here at Bisnow are very colloquial, as you may have noticed, and we just can't bring ourselves to call Prince William County by its formal name. We've been talking of late about Loudoun and Prince George's, and we thought we'd aim for a trifecta by bringing you up to date on Billy (we're on a first name basis). For those of you a little blurry on your geography, we're talking places like Woodbridge, Manassas, Dumfries, and the Occoquan.

 

We turned to expert Mike Lubeley, managing partner of Walsh Colucci's Prince William outpost in the county's eastern end. He says the big story is that the county's changing demographics (more and higher income residents) and infrastructure (eg, maturing schools and recreation facilities, stronger intra-county network like the Prince William County Parkway) are attracting top development. It's Virginia's 3rd largest jurisdiction (population 388k) and has the country's 13th highest household income. Mike says these numbers are driving the growth of upscale mixed-use, such as Potomac Town Center (Roadside Development, BlackRock) in Woodbridge, along I-95 between Opitz and Dale Blvds. Scheduled for a '10 delivery, it'll have 550k SF retail, 500k of Class-A office space, 500 residential apartments, and a 40K-plus SF full-service health club. A 138k foot Wegmans opened in June.

 
Exotic Stones
 

Mike admires a depiction of 18th Century infrastructure. He points out the county has healthy arteries: I-95 and I-66, two VRE lines (with a proposed 11-mile Manassas-Gainesville-Haymarket expansion) and great county roads. Mike says the Rte. 29/I-66 corridor "rivals anywhere in Virginia" in recent growth and development. Witness Gainesville's Virginia Gateway (Peterson Cos.), a huge mixed-use site with weighty anchors like Lowe's, Super Target, Best Buy, and Giant. Its Market Square component, set for 2010, will have 247k SF of retail, 65k of dining, 58k entertainment and 100k office. In July, the county opened a Department of Development Services, which Mike says will promote big projects by streamlining development processes.

 

How's this for an artistic shot as Mike looks out over the Arlington courthouse? PW actively courts the defense industry. With Quantico, Ft. Belvoir and BRAC relocations, Mike says the county is "fertile ground" for government employment and consulting opportunities. Another sector is life sciences and biotech, as exemplified by Innovation@Prince William, a 1,500-acre office park. Since '05, 17 outfits (e.g. the FBI Northern Virginia Resident Agency, the Virginia Forensics Lab, Power Loft Data Center) have made plans to invest $516M there, creating 1,408 jobs. Personally, Mike invests time with family (including grandson Justin, who shares his Sept. 17 birthday) in Hilton Head, but spent most of the time dodging Hurricane Fay. [Poke Mike Lubeley.]


WLS BAGS BIG ONE
 

Hats off to West, Lane & Schlager's Clark Turner and principals Paul Hanafin and Rick Siegel for closing the sale of 666 Eleventh Street, 101k SF in East End. We snapped this today at their Connecticut Ave. office; their Investment Services Group represented the seller, storied Doggett Enterprises of parking lot fame. Buyer was a venture between UBS and J Street Development.

 

Built 40 years ago, it's on 11th at G and within a five minute walk of five lines of Metro, tenants are non-profits and local businesses. Plans, we understand, are to reposition it as an A-minus "boutique" building.


SILVER SPRING ACTION!
 

Congrats to Costello Construction for getting a $19M contract from Montgomery County for the Silver Spring Civic Building and Veterans Plaza project, a new 44k SF plus ice rink, plaza, pavilion, and road, just a few blocks from Silver Spring Metro. It's the last phase of a private-public development in the downtown area over the past 10 years. Above, County Executive Isiah Leggett and others break ground on Wednesday.


THIS MORNING'S DISTINGUISHED VISITOR!
 

We love having people come by, visit, and sign our wall, like just this morning our friend Rodney George, analyst in capital market groups at Hagner. (We're in a real live storefront on Connecticut Ave in the block south of DuPont Circle. You can tell us apart from other storefronts because we don't sell cupcakes, yet.) Rodney was en route to talk with a prospect about what kind of income, equity, and debt is needed to buy a particular building. Of course, we could not let him go without asking his plans for the weekend, so we learned he's showing an investment rowhouse he owns in Columbia Heights.

Sept 18 Bisnow Fall Real Estate Conference Sign up

 

 
Reznick Group
 
PN Hoffman
 
Builders' Ball
 
Pillsbury
 
Workspaces
 
Trinity
 
FedExField
 
Hickok Cole
 
Ballard Spahr
 
Advertise with Bisnow
 
 
CONTACT EDITORIAL                             CONTACT ADVERTISING                              CONTACT GENERAL INFO

This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. ? 2008, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.


Unsubscribe
| Subscribe | Forward to a Friend
Arlington Economic Development Arlington Real Estate Showcase Registration The JBG Companies Monday Properties