Tysons Development Site Approved For 3.6M SF Hits The Market
Developers looking to jump into the development wave sweeping Tysons now have a big new opportunity.
Capital Automotive Real Estate Services, the owner of an 18-acre site next to the Spring Hill Metro station, retained Newmark Knight Frank to seek buyers for the property, which has been approved for 3.6M SF of mixed-use development.
Branded as Dominion Square, the site is located on the Leesburg Pike just south of the Dulles Toll Road and next to the Spring Hill Silver Line station. It is currently occupied by four car dealerships. NKF said the dealerships offer a short-term income stream and have terminable leases so developers can react to market demand for a project.
The property was approved for more than 2M SF of office, 1.1M SF of residential, 185K SF of retail and a 205K SF hotel.
“Dominion Square represents a once-in-a-generation opportunity to shape one of the DC metro area’s premier submarkets," NKF Executive Managing Director Mark Anstine said in a release. "With the ongoing construction of the Silver Line slated to connect Dulles Airport to downtown Washington, D.C. in 2020, the area boasts a perfect combination of mass transit, new urbanized residential and retail development, drawing significant interest from regional and national companies.”
Across the street, Clemente Development is seeking approval for a 3M SF mixed-use development that could feature the region's tallest tower. The major development plans make Spring Hill station poised to experience the type of growth that has occurred around Tysons' other Silver Line stations, McLean, Tysons Corner and Greensboro.