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October 18, 2021

How Competing For HQ2 Helped Shape The Vision For A 9M SF Loudoun County Project

AvalonBay Communities CIO Matthew Birenbaum to give keynote at Bisnow Multifamily Conference East Nov. 30

Construction is expected to begin next year on the first phase of a 103-acre megaproject on the border of Loudoun County and Fairfax County that is ultimately slated to deliver over 9M SF of mixed-use development.

How Competing For HQ2 Helped Shape The Vision For A 9M SF Loudoun County Project

The project, branded as Rivana at Innovation Station, is planned for one of the sites that was included in Northern Virginia's Amazon HQ2 proposal, but it ultimately lost out to Arlington County. While the developers don't yet have an Amazon-like anchor…

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A Hot Housing Market, New Nearby Developments And Trouble In Data Center Alley: The Latest In Loudoun County

 

1) Loudoun County has experienced a spike in demand for housing and, like many areas of the country, is struggling to meet it. The county's Board of Supervisors has created a plan to help solve this issue, which local real estate leaders discussed in September at Bisnow's Future of Loudoun County digital summit. 

2) Loudoun County is located in the middle of what has been dubbed Data Center Alley, but tax revenues of data centers in the area fell $60M short of 2021 predictions. While some claim this is just a pandemic-driven problem, others are concerned that this may point to a larger issue with building a data center-centric development model. 

3) Several developments are moving forward in nearby Reston and Herndon, and officials in those areas are also keeping a close eye on major developments rising in Loudoun County. Herndon Director of Community Development Lisa Gilleran told Bisnow that Loudoun County’s new mixed-use development, Rivana at Innovation Station, has potential benefits for Herndon, but would also have impacts on Herndon that area officials will be looking at carefully, including traffic. 

4) While the housing market in Loudoun County and surrounding areas has cooled down a bit, sales are still up from last year, and as of August, things remain a “remarkably pro-seller environment,” InsideNova reported

5) Construction is expected to begin before the end of the year on a massive new restaurant and entertainment venue geared toward car enthusiasts in Loudoun County and the surrounding areas. The Gas Haus will be a collector car storage and social club with room for 190 cars in general storage, 50 cars in the “Founders Club” and 50 motorcycles. There will also be a venue area for bands and comedians to perform and a social club for members and a restaurant. 

6) Toll Brothers is building 260 single-family houses in the Carolinas Collection, between Dulles and Middleburg. These houses will feature four different floor plans and four exterior styles to choose from. As of late September, there were five homes still available for purchase, along with a fully furnished model home that is move-in ready. 

7) Loudoun developer Leonard “Hobie” Mitchel filed plans this summer for a massive development in Leesburg dubbed Village at Clear Springs. The development will feature 1,238 homes on the site, with a mix of townhomes, single-family homes, apartments and senior housing as well as a sports complex. 

 
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A Different Beast? Analysts Weigh In On How WeWork Will Fare When It Finally Goes Public

Real estate companies don’t usually enter the general consciousness. But WeWork’s attempt to go public in September 2019 at a $47B valuation is one of the biggest failures in recent financial history — a miss so hubristic and spectacular, it spawned books, documentaries and soul searching about the Silicon Valley business model.

It almost broke the company, to boot. 

Now, a little more than two years later, it’s back. Barring any last-minute and highly unlikely disasters, the shareholders of a special acquisition company called BowX will vote Tuesday to agree a deal to merge with WeWork and turn it into a listed company. On Thursday, shares in WeWork will start to trade on the New York Stock Exchange and WeWork will finally achieve its aim of becoming a listed company, with an initial valuation of $9.2B. 

It’s a big moment for WeWork and an even bigger moment for SoftBank, the Japanese tech firm that has ploughed $18.5B into the flexible office company and stands to finally get some of it back. For WeWork itself, the strategy won’t change, but the real estate sector will have a vital insight into how flexible offices, a fast-growing sector, are really performing.

A Different Beast? Analysts Weigh In On How WeWork Will Fare When It Finally Goes Public

Beyond that, there is the question of how this once most grandiose of real estate companies will perform on the public market. WeWork has changed hugely since 2019, but coming out of a pandemic that was a perfect storm for flex office companies, how will it fare in the public spotlight? “It’s…

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How Blackstone Picks Proptech Firms To Fund And Where It Will Be Looking Next

Every quarter, Blackstone gathers heads across its portfolio companies and asks them something simple: Where are all the challenges in the business? 

How Blackstone Picks Proptech Firms To Fund And Where It Will Be Looking Next

“We look at commonalities, whether it's building entry, tenant engagement, construction management, whatever it may be, and we start kind of distilling down to ‘OK, these are the biggest challenges we're seeing across our portfolio,’” John Fitzpatrick, Blackstone's chief technology officer of alternative asset management technology, told the audience at…

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