Reston's Retail Market: Tenant, Leasing and Demands

The latest updates on the region's retail leasing, tenant demands and investment trends, and what can be expected in 2023.

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  Jeff Owens

  Jeff is the long-tenured CFO at Clyde’s Restaurant Group and assumed the lead corporate development role in 2021. Seeking exciting new restaurant opportunities, forging win-win arrangements with business partners, and guiding continuous performance improvement with the management team are his priorities. As a member of the DC CFO's Economic Advisory Council and former Chairman of the Restaurant Association of Maryland, Jeff is frequently advocating for the restaurant industry before state legislators. He is also a graduate of Penn State University and an Arthur Andersen CPA alum.

  Clyde's Restaurant Group

  CFO

  Jeff Owens

  CFO

  Clyde's Restaurant Group

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  Michael George

  Michael is Founder, President & CEO of Crescent Hotels & Resorts, an award winning, nationally recognized operator specializing in full service upper upscale and luxury hotels, golf resorts, destination spas and distinguished restaurants. Crescent currently operates over 100 hotels and resorts and over 200 restaurants and bars in the U.S. and Canada. Crescent is one of the few elite management companies approved to operate full-service luxury brands under the Marriott, Hilton, and Hyatt affiliations. Crescent also operates a collection of iconic and lifestyle independent hotels and resorts within the Latitudes, Lifestyles by Crescent Collection. Crescent's clients include premier hotel REITs, private equity firms and major developers. Prior to founding Crescent, Michael served as Senior Vice President of Operations for Destination Hotels & Resorts who operated signature assets including Hotel del Coronado, Eden Roc Resort and Royal Palms Resort & Spa. Prior to Destination, Michael served as Chief Operating Officer for Sunstone Hotel & Resorts and Senior Vice President of Operations for Interstate Hotels & Resorts. Earlier in his career, Michael served as an award-winning General Manager for premier hotels with Hilton, Westin, and Sheraton brand affiliations. Michael serves on full-service Owners Advisory Boards for Marriott and Hilton, the Board of Directors of the American Hotel Lodging Association, Juvenile Diabetes Research Foundation, numerous educational and philanthropic organizations and previously several publicly traded hotel companies.

  Crescent Hotels & Resorts

  CEO

  Michael George

  CEO

  Crescent Hotels & Resorts

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  Tom Regnell

  Tom Regnell is A.J. Dwoskin’s, Chief Operating Officer. He is a results-oriented change leader with over 20 years of experience across all property types. His expertise covers a broad spectrum including acquisitions, dispositions, asset repositioning, asset management, entitlements and development. Tom has repeated success driving revenue and creating value and is an expert in structuring complex transactions, including joint ventures. As an executive, Tom shapes both the culture and strategy to meet key business goals. His previous experience includes 20 years of public REIT experience and CEO of a venerable DC real estate owner/operator.

  A.J. Dwoskin & Associates

  EVP & COO

  Tom Regnell

  EVP & COO

  A.J. Dwoskin & Associates

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  Jill Parks

  As a commercial real estate and land use/urban development attorney, Jill counsels clients in all aspects and stages of the land planning, zoning and development process. She has experience with significant, transit-oriented developments in Northern Virginia and helps major developers and national, regional and local companies navigate the approval process required for their office, retail, industrial, mixed-use, residential and large planned community projects. She also serves as an advocate for her clients by presenting their proposals to public bodies, concerned homeowners’ associations and community groups, thereby working to ensure a smooth land use approval process.

  Hunton Andrews Kurth

  Counsel

  Moderator

  Jill Parks

  Counsel

  Hunton Andrews Kurth

Reston's Development Projects Update

Learn about the area's current projects and what is in store for Reston's 2023 development pipeline

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  Chris Clemente

  Chris Clemente founded the Comstock organization in 1985 and has guided its growth and diversification since its inception. Mr. Clemente managed the growth of Comstock as a private enterprise until the 2004 initial public offering of Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI), now known as Comstock Holding Companies®, Inc. (“Comstock” or “Company”). Since the IPO, Mr. Clemente has served as Chairman of the Board and Chief Executive Officer of Comstock and is the largest individual stockholder of the Company. Mr. Clemente chairs Comstock’s Executive Committee, which charts strategic direction, evaluates acquisition opportunities, and oversees strategic partnerships, including multiple public-private partnerships. Mr. Clemente is also Managing Member of Comstock Partners, LC (“Partners”), a family-owned, private company founded by Mr. Clemente in 1999 to focus on commercial real estate development and investment. Following its IPO, Comstock expanded its for-sale homebuilding operation into multiple key markets in the southeastern United States, while the commercial development operation of Partners remained focused on the Washington, DC market. Following the Great Recession, Comstock scaled back its for-sale homebuilding operation to focus solely on the Washington, DC market. Mr. Clemente managed the two companies as separate firms with distinct management teams and investment objectives until early 2018, when Comstock announced its plan to wind-down its for-sale homebuilding operation and refocus on commercial development, real estate asset management, and real estate related services. To execute this strategic plan, the operating platforms of Comstock and Partners were combined, and changes were made to the management team. To anchor the transition, Partners entered a long-term, cost-plus asset management agreement covering its portfolio of commercial properties, which had grown to include millions of square feet of stabilized buildings and development assets strategically located at key transit stations on Metro’s new Silver Line in the Dulles Corridor of Northern Virginia that have an estimated value at full build out of approximately $3 billion. Key assets included in the portfolio of managed assets, include; Reston Station, a 4.5 million square foot transit-oriented and mixed-use development covering nearly 40 acres surrounding the terminus station of Phase I of the Silver Line in Reston, Virginia, and Loudoun Station, a 2+ million square foot transit-oriented and mixed-use development located adjacent to the terminus station of Phase II of the Silver Line in Ashburn, Virginia. Mr. Clemente attended the University of Wisconsin and George Mason University where he studied Business and Psychology. Mr. Clemente and his wife, Tracy Schar, have been long-time supporters of numerous charitable organizations in the Washington, DC region that support international adoptions, foster care programs, and that provide educational, housing and other assistance to families and children in-need.

  Comstock

  CEO

  Chris Clemente

  CEO

  Comstock

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  Fred Rothmeijer

  Fred Rothmeijer has 25 years of experience in commercial, residential and mixed-use real estate land and building development. With over seven years of experience in highly sophisticated development projects in Europe, he joined TCC in 1998. As Principal he was responsible for acquisitions and development of projects in the Washington Metropolitan area. Fred co-founded MRP Realty in 2005 and oversees the Development, Construction Management and Asset Management divisions. He has developed in excess of 6 million square feet of commercial, residential and mixed-use projects worth over $1.5 billion. Fred is a graduate of Columbia University School of Business with an M.B.A. in Finance & Real Estate, and Delft University of Technology in the Netherlands with a Master of Science degree, summa cum laude. Born in the Netherlands, Mr. Rothmeijer was an officer in the Royal Netherlands Air Force.

  MRP Realty

  Founding Principal

  Fred Rothmeijer

  Founding Principal

  MRP Realty

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  Mae Klinger

  Mae Klinger is a Partner at Insight Property Group, responsible for developing, implementing, and overseeing the asset management function for the company, which provides strategic leadership to create and sustain value for the company’s portfolio. Mae is also responsible for implementing property specific business plans across Insight’s portfolio. Prior to Insight Property Group, Mae held executive asset management roles at Redbrick LMD, LLC and AvalonBay Communities. At Redbrick she led the development of the asset management function and operations for the company and maximized the performance and value of the company’s multifamily portfolio in the Washington, DC MSA. At AvalonBay, Mae was Director of Redevelopment & Asset Management and led the effort to expand and enhance the company’s asset management operations in response to portfolio growth and changing business needs including repositioning and redevelopment asset plans. Mae also previously held asset management roles with Federal Capital Partners and the Carlyle Group. With Federal Capital Partners, she developed and implemented value-add business plans for assets worth over $800 million located in the Mid-Atlantic and Southeast regions of the U.S. With the Carlyle Group’s U.S. Real Estate Group, Mae managed and enhanced the value of a portfolio of assets worth over $900 million located in the Northeast, Mid-Atlantic, and Southeast regions of the U.S. Mae was recognized as one of the top 21 in ’21 Women in Multi-Family Investing by Kayo Conference Series. Mae earned an AB cum laude in Social Studies from Harvard College.

  Insight Property Group

  Partner

  Mae Klinger

  Partner

  Insight Property Group

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  Matthew Bonifant

  Senior Project Manager

  Boston Properties

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  Brian Szymanski

  Brian Szymanski is a Principal with MV+A Architects. He leads the firm’s efforts in the planning and entitlement of mixed-use developments and buildings and the schematic development of architectural components within these projects. As a registered architect and certified planner, Brian is able to skillfully manipulate design at both large and small scales and understand the process of development in both the private and public sectors. He has completed numerous rezonings, CDP’s, FDP’s and completed mixed use buildings in his home of Fairfax County. Recent successes in Reston include the master planning, entitlement, and successful construction of Faraday Park East and West. Brian led a similar process for Halley Rise and its first phase, the Edmund, featuring an 85,000 sf Wegmans with over 350 apartments above. Currently he is overseeing the FDPA process for the first phase at Isaac Newton Square. Brian is a graduate of the University of Cincinnati with both a Master of Architecture and a Master of Community Planning degree, specializing in urban design. He received a Bachelor of Science in Architecture degree at the University of Maryland graduating Summa Cum Laude.

  MV+A Architects

  Principal

  Brian Szymanski

  Principal

  MV+A Architects

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  Andrew Painter

  An Alexandria native and Falls Church resident, Andrew has cultivated a unique set of skills, knowledge, relationships, and expertise in the transactional aspects of real estate law. He has represented clients in 16 Virginia localities, from Arlington County to Winchester, and specializesin securing zoning approvals and providing counselto residential,commercial, and industrial developers and landowners, advises clients on all aspects of the land entitlement process and real estate matters, and frequently appears before planning commissions, town and city councils,county boards of supervisors, localcitizen groups, boards of architecturalreview, and civic and homeowners associations. Prior to joining The Land Lawyers in 2007, Andrew worked for two members of the Fairfax County Board of Supervisors, the County Administrator of Caroline County, Virginia, and former Virginia Governor (now U.S. Senator) Mark Warner. In 2004, Andrew worked for McGuireWoods Consulting, identifying business expansion opportunities and conducting comprehensive studies for public safety, education, and transportation construction companies across thecommonwealth. Andrew is an adjunct professor and teaches classes in political science, urban history, historic preservation, and city and regional planning at the University of Richmond and the University of Mary Washington. He also leads courses for public and private civil engineers on the land use entitlement process at the Engineers & Surveyors Institute to improve the quality of their plans and the process by which they are approved.Having studiedNorthern Virginia’s geography and chronicled itsland development history, Andrew’sextensive knowledge of the region has played a significant role in assisting clients and navigating issues related to development patterns, transportation concerns, and environmentalchallenges in multiplejurisdictions.

  Walsh, Colucci, Lubeley & Walsh

  Shareholder

  Moderator

  Andrew Painter

  Shareholder

  Walsh, Colucci, Lubeley & Walsh