Developers Plan $380M Mixed-Use Project In Northern Virginia
The IDI Group and Boosalis Properties announced Wednesday they are partnering on a $380M "Town Center" project that will include more than 900 apartments and 160K SF of retail.
The project is slated to be built in multiple phases over the next five to 10 years. It is planned for a 19-acre site at the intersection of Route 1 and Occoquan Road, across the street from the Woodbridge VRE and Amtrak station.
A majority of the development will be built on the 13-acre site of the Station Plaza shopping center. Grace Street Properties acquired that property last year for $19.1M, and it is also involved in the development. Boosalis, a brokerage and investment management firm, brokered last year's sale and is partnering on the project.
The Station Plaza portion of the project will be built in the second and third phases, while the first phase will be on the site of the former Cowles Ford car dealership, Boosalis Principal Broker George Boosalis told Bisnow. He said the team aims to break ground on the project within the next two to three years.
Prince William County last year approved a Small Area Plan that allows this type of mixed-use development, and it is also providing the project with a $750K grant from its Economic Development Opportunity Fund. The county last year hired Christina Winn, formerly with Arlington County Economic Development, as its new economic development director.
"This key redevelopment project lays the foundation for long-term economic resiliency and will be a catalyst for the emergence of North Woodbridge into a vibrant mixed-use neighborhood," Winn said in a release. "This investment in the new town center will drive further economic growth, attract new businesses, and create new jobs throughout the area."