What's In The Pipeline In Reston And Herndon
As the country slowly returns to normal, things are looking up in Fairfax County. Virginia's most populous county was able to hold onto its title as home to a large concentration of government contracting jobs, IT firms and Fortune 500 companies during the coronavirus pandemic, and in October, Volkswagen Group of America, one of the world’s leading automobile manufacturers, announced that it would keep its U.S. headquarters in the county.
While Volkswagen has decided to stay in Fairfax, it will be moving from its Herndon space to a new headquarters in Reston. This is just one of the many exciting new developments that have been happening to these two towns, both of which will be getting massive mixed-use developments around three stations on the second phase of Metro’s Silver Line, which has been delayed again to 2022.
Many of these developments were announced years ago, but the pandemic has thrown a wrench in the plans of several projects. So where do things stand for Reston and Herndon’s development pipeline? Read on to find out.
The reimagined Reston Town Center, located just steps from Reston Town Center Metro Station, will be a mix of office, retail, restaurant, hotel and residential space spanning 11 acres in Reston. Boston Properties is leading the development of the 4.8M SF site, which will be where the Volkswagen Group will set up its new office.
In 2018, Fannie Mae signed a deal to pre-lease 850K SF of office as part of Phase 1 of the project. Since then, the company has scaled back and will be occupying 761K SF. Last May, Microsoft signed a 400K SF lease at the development's Two Freedom Drive building.
Last month, Boston Properties submitted an application to Fairfax County to replace one of the parking garages in the development with 80K SF of additional office space. The Fairfax County Planning Commission will hold a public hearing on the project on May 12.
Halley Rise, also near the upcoming Reston Town Center Metro, from Brookfield Properties is chugging along through construction a year after its initial groundbreaking. This $1.4B mixed-use development is anchored by a Wegmans grocery store and will feature 1,500 residential units, 1.5M SF of office space, 250K SF of retail and 5 acres of public open space.
The first phase of residential units are scheduled to open in 2022, followed by office space in mid-2023. The entire project is expected to be completed in 2026.
Rivana at Innovation Station
A group of Loudoun County developers, including Origami Capital Partners and Timberline Real Estate Partners, have pitched a new massive project, Rivana at Innovation Station, which would be a mixed-use 4.4M SF development near the Innovation Center Metro station. The name references the Rivanna River, Virginia’s first governmentally designated scenic river.
The first phase of the project would feature 250K SF of office space and almost 2,000 apartments that could be delivered by 2024 and 2025. There will also be restaurants, retail space, a hotel and an 11-acre park. If the project is approved, groundbreaking will be sometime in 2022.
Virginia’s First JW Marriott
Comstock Holdings is planning to bring a JW Marriott hotel to Reston Station as part of the next phase of its 60-plus-acre mixed-use development in the area. This $250M project will be the first JW Marriott in Virginia, located at Reston Station Boulevard and Wiehle Avenue.
Along with the hotel, the development will feature a 350-unit multifamily building, 65K SF of retail and a 1.2-acre central park with outdoor amenities.
Google Expands Its Footprint
Google announced last month that it plans to increase its footprint at 1900 Reston Metro Plaza. The company already leases the top floor of the 16-story building and will now be leasing an additional floor, bringing its total footprint to 115K SF.
“With the deals signed by Microsoft, Volkswagen Group of America, Google and others, the Reston-Herndon office market has been one of the most active and positive during the pandemic,” Victor Hoskins, president and CEO of the Fairfax County Economic Development Authority, said in a statement. “With the proximity to Washington Dulles International Airport, Reston and Herndon have so many of the assets and amenities that businesses and talent want to have, and it really shows in the level of activity the market has had in the last year.”