From the Washington Post: The largest landowner in Tysons Corner has inked three deals for hundreds of new apartments with major development partners in recent months, signaling continued and possibly growing interest in the suburban city by housing builders from around the country.
Cityline Partners, a crew of veteran Tysons developers, is managing the redevelopment of the Westgate and Westpark office parks for DLJ Real Estate Capital Partners, a Credit Suisse company that bought the property in 2010. Cityline recently finalized contracts for new apartment developments with three builders that could mean hundreds of new units for the area in coming years if they are approved by the county. [View map of DLJ’s empire.]
The rush to build apartments in Tysons, where four Metro stations are set to open in late 2013 or early 2014, could pave the way for the area to add 80,000 residents by 2050, a goal adopted by Faifax County in 2010. County officials anticipate that high-density development near the stations will help the area evolve from a traffic-strangled mess to a series of walkable urban neighborhoods. . .
Cityline’s deals to sell land to Rochester, N.Y.-based Home Properties, Irving, Texas-based JLB Partners and Houston-based Hanover Co. are part and parcel of Cityline’s strategy to acquire zoning approvals from Fairfax County--a process its executives know intimately--and then sell parcels to developers that have expertise to match, according to Thomas D. Fleury, Cityline executive vice president. . .
JLB Partners, a national owner, developer and manager of apartment buildings, plans to build two apartment buildings at the corner of Route 123 and Anderson Road, to replace another existing office building. Graham Brock, JLB development partner, said the first 14- or 15-story building would have 425 units and three levels of underground parking. The second building would be six stories and have 201 units. The project, Brock said, “will have everything from small studios to some larger three-bedrooms.” . . . [read more]
