From the Washington Post: Fairfax County planners and real estate developers agree that there is a market for newly built apartments in Tysons Corner. The opportunity has home builders furiously buying properties within walking distance of the area’s four coming Metro stations. But there is a growing chasm about whether the time is right for high-rise apartment buildings, soaring as tall as 30 stories. The decision about whether to build taller buildings with more units largely boils down to whether people looking to rent Tysons Corner apartments will be willing to pay extra for the quality finishes and scenic views that make the buildings financially feasible to construct.
Some high-rise developments are already in the works. The Georgelas Group has received zoning approval for its first residential towers and plans to sell one of the sites to Greystar, the nation’s largest manager of apartments. Greystar would then build a 25-story, 400-unit apartment building, which is likely the first high-rise apartment near the new rail stations.
Other major land owners have made similar plans. CityLine Partners, developers of the largest Tysons portfolio (owned by DLJ Real Estate Capital Partners), confirmed that it has entered into a contract to sell one of the sites where it plans high-rise residential development. Capital One also plans to partner with residential developers for housing sites on its headquarters property.
But because the taller buildings require more expensive materials and often include pricey parking garages, questions remain about whether apartment towers will work in Tysons, or whether builders ought to focus on less expensive mid- and low-rise apartments.
“I think it’s one of the key issues in Tysons Corner right now,” said Steve Cumbie, president of developer NVCommercial, which plans a 1.3 million-square-foot mixed-use project for the intersection of Leesburg Pike and Chain Bridge Road.
“I think it’s coming,” Cumbie said of the market for high-rise projects. “I think the question is whether the time is right, right now, or is the time two or three years from now?” [Read the rest]
