Tishman Speyer has submitted plans to build a 1.5M SF mixed-use development less than a mile to the east of where the Herndon-Monroe Metro station will be constructed.
The development is planned for 32 acres of vacant property west of Monroe Street, north of Sunrise Valley Drive and south of the Dulles Toll Road, which Tishman acquired in 2005 for $35M. Plans call for more than 700 residential units that'll be constructed over five blocks, including a 375k SF multifamily building with 375 units adjacent to Monroe Street. Tishman envisions two buildings totaling 560k SF adjacent to Toll Road, which could be offices or a combination hotel, office and retail.
The Herndon-Monroe Metro station is part of the second phase of the Silver Line project, which has been behind schedule and over budget. Tishman’s ultimate vision for its latest project is for a “transit-related residential mixed-use community.” Excavation for the Herndon-Monroe station is slated to begin this week. [WBJ]
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