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Fairfax County EDA Presentation
- 1. Fairfax County Commercial Real Estate Review Curt Hoffman Senior Manager of Real Estate Services Fairfax County EDA
- 5. Office Building Deliveries and Office Vacancy Rates 1986-2009
- 6. Top 10 Office Leases in Fairfax County 2009 Freddie Mac Tysons Corner 200,000 s.f. BAE Systems Dulles 155,000 s.f. Qinetiq Reston 120,000 s.f. Hilton Hotels Tysons Corner 120,000 s.f. AT&T Government Solutions Tysons Corner 105,000 s.f. Boeing Merrifield 95,000 s.f. ManTech International Fairfax Center 85,000 s.f. ITT Industries Herndon 85,000 s.f. CALIBRE Systems, Inc. Springfield 80,000 s.f. U.S. Department of Energy Tysons Corner 80,000 s.f.
- 8. Merrifield Medical Campus Source: FCEDA, CBRE
- 9. Arlington Boulevard Consolidation Source: PSA Dewberry TASC V SITE WITH EXISTING NVAR BUILDING
- 10. Merrifield Town Center Phase 1 Source: Uniwest,, FCDHCD The Vantage
- 11. Mosaic at Merrifield Source: Edens & Avant Merrifield Town Center Phase 2
- 12. Fairview Park Source: CoStar 495
- 14. Tysonâs Corner Proposed FAR Source: Tysons Task Force
- 15. Tysons Corner Center Site Plan Source: The Macerich Company
- 16. Tysons Corner Center Source: The Macerich Company
- 17. Park Place II Source: CoStar, FCEDA
- 18. Towers Crescent Source: Planet9, BeyondDC, Sasaki
- 19. Corporate Office Center at Tysons II Source: Lerner Enterprises, Diamond Property Company Today⊠TomorrowâŠ
- 20. Tysons West Source: JBG Rosenfeld
- 21. Reston Town Center - SoMA Source: Boston Properties, Costar
- 22. Reston Eastgate Source: CoStar
- 23. Wiehle Avenue Station Source: Comstock Partners, DCS Design, DTA Dulles Toll Road Wiehle Avenue
- 24. Reston Heights Source: Reston-Heights.com DULLES TOLL ROAD RESTON PARKWAY EXISTING
- 25. Woodland Park Source: CoStar, JBG Volkswagen North American HQ Woodland Park Crossing
- 26. Arrowbrook Center Source: BeyondDC
- 27. Dulles Station Source: Crimson Partners, Live Local, FCEDA
- 28. Dulles Discovery Source: Live Local, FCEDA
- 29. Barthelson Plaza Source: FCEDA
- 30. Westfields Route 50 Dulles Airport Route 28 TASC V COMMONWEALTH CENTRE STONELEIGH ii INDEPENDENCE CENTER 2 PLAZA EAST MISSION RIDGE
- 31. Ellipse at Westfields Sources: FCEDA, CBRE
- 32. Commonwealth Centre Source: Millennium Realty, BPG
- 33. MetroWest Source: BeyondDC, Live Local, CBRE, Clarke Realty
- 34. Fair Lakes Source: Shorenstein Cos. TOO EARLY FOR RENDERINGS FROM PETERSON COS.
- 35. Fairfax Corner Source: Peterson Companies
- 36. Springfield Town Center Source: Vornado
- 37. MetroPark Source:Live Local, Cushman & Wakefield, CoStar, FCEDA
- 38. Springfield Metro Center I & II Source: Costar Franconia-Springfield Parkway I-95 Springfield Metro Center I & II Site
- 40. New Campus East - NGA Source: RTKL/KlingStubbins
- 41. 2008 BRAC-Related APR Source: Fairfax County DPZ
Hinweis der Redaktion
- Agenda ----------------------------- Iâm going to start off this morning with a brief overview of the existing commercial office market. Then weâll look at some of the major projects currently under construction and major planned projects in the pipeline Then wrap it up with a look at the development proposed for Fort Belvoir and the Engineers Proving Grounds (EPG) as they relate to BRAC in addition to potential spin-off development as related to BRAC
- OFFICE Office vacancy rate of 12.7% is up from 12.1% year-end 2008 Inventory up from 111.2 million sqft. at year-end 2007 (360K sqft delivered MY2009) INDUSTRIAL Vacancy rate of 11.5% is up from 9.4% year-end 2008 RETAIL - Fair Oaks Mall has 1.6M s.f. of Retail. Possible expansion up to 400K s.f. retail ( 540K s.f. office/retail/hotel). Over 2M s.f. total development. - Tysons Corner Center has 2.4M s.f. of Retail. Possible retail expansion of 200K s.f. Over 3.5 million s.f. office/retail/hotel total development. - Tysons Galleria (Tysons II) has 820,000 s.f. of Retail. Springfield Mall currently has 1.5M s.f. of Retail. Total retail expansion allowed through APR is 2.1M s.f. in retail alone. 6 million s.f. office/retail/hotel total). HOTELS - The six hotels under construction will add an additional 600,000 s.f. and nearly 900 rooms to the existing inventory. Average Daily Rate/Room is $120 , Occupancy Rate is 70%. (Smith Travel Research 6/1/2009) - Fairfax County alone accounts for over 35% of all office space in Virginia - Loudoun County vacancy is 20% - Total Office Inventory â 16 million s.f. - Prince William County vacancy is 20% - Total Office inventory â 6 million s.f. - Arlington County vacancy is 11% - Total Office inventory â 38 million s.f. - City of Alexandria vacancy is 12% - Total Office inventory â 21 million s.f.
- 1.1M s.f. is set to deliver by YE 2009
- TENANT â BUILDING â SUBMARKET â LEASE TYPE Freddie Mac - Fairfax Building - Tysons Corner - Renewal BAE Systems - Presidents Park 3 â Dulles - Renewal/Expansion Qinetiq - Reston Eastpointe â Reston - New (Qinetiq is an IT contractor that serves the government and private sector. Parent company is from UK) Hilton Hotels Corporation - Park Place II - Tysons Corner - New AT&T Government Solutions - Plaza Nineteen Hundred - Tysons Corner - Renewal/Reduction Boeing Service Company - Metro Place II â Merrifield - Renewal ManTech International - Greenwood Plaza Bldg - Fairfax Center - Renewal ITT Industries - Monument III @ Worldgate - Herndon - New CALIBRE Systems , Inc. - Metropark 3 - Springfield - Renewal United States Department of Energy - The Data Center - Tysons Corner - Relet/Move In A third of the top leases listed are in new previously unoccupied space (29%). Historical Leasing - Leasing at midyear 2009 is 5.5 million s.f. - Total office leasing for 2008 topped 9.9 million s.f. Average gross leasing for the past 5 years totaled 10.2 million s.f.
- Main Points - There are 19 business submarkets located in Fairfax County. - Roughly 6% of all the land in Fairfax County is zoned for commercial use yet commercial land was responsible for over 22% of the total real estate tax base. - Two thirds of the countyâs budget is derived from the real estate tax base. - Roughly 13,500 acres are zoned for commercial use as compared to 143,000 acres for residential and 43,000 acres for parks and recreation. - Thereâs approximately 3,000 acres of vacant commercial zoned land remaining. Land Information - Residential Land: 63% of total - 143,496 acres for residential - Parks/recreation/flood plain: 19% of total - 43,276 acres for parks - Public facility/mixed-use: 12% of total - 27,333 acres for public facility/mixed-use
- Project Name: Executive Park 2 Acreage: 4.62 ACRES Total Build-out: 240K s.f. medical office development Existing: 120K s.f. Planned: 120K s.f. Under Const.: Major Tenants: Speculative/Medical, National Specialists of Virginia, LLC ( 27K s.f. ) Developer: The Long Companies Updates: 8/09: Construction completed. Non-RUP issued 7/31/09. 5/09: 3023 Hamaker Court near completion. Notes: Two 120K s.f. buildings - 30K s.f. leased
- Project Name : Arlington Boulevard Consolidation Square Feet: 198K s.f. office development, including below grade Major Tenant: Northern Virginia Association of Realtors (NVAR)- HQ facility Developer: PSA Dewberry Updates: - 08/09: Building permit Issued. - 04/09: Site Plan approved. Construction to begin Fall 2009. Notes: 2.5 ACRE site at the old NVAR HQ (next to Dewberry HQ) Will be LEED Silver certified
- Project Name: Merrifield Town Center Phase 1 Acreage: 8 ACRES (total build-out: 39 ACRES) Total Build-out: OVER 100,000 s.f. mixed-use development Existing: - OFFICE: 25K s.f. - RETAIL: 80K s.f. - RESIDENTIAL: 270 D.U. Planned: Total build-out: 1.89M s.f. with Phase 2 Under Const.: Major Tenants: : X-Sport Fitness ( 40k ), Blue Salt ( 10k ), Four Sisters ( 5k ), and smaller, service providers. Developer: Phase 1: Uniwest Updates: - 02/08: (Phase 1) complete. Notes: - $125M mixed use development - The Vantage - 7 story twin towers at Lee Highway & Gallows Road - 270 residential condos split between both towers, 680 parking spaces dedicated to commercial use (4 story structured parking) - A pedestrian bridge 30 ft above street level, a public urban park
- Project Name: Merrifield Town Center Phase 2 Acreage: 31.37 ACRES (total build-out: 39 ACRES) Total Build-out: 1.89M s.f. mixed-use development Existing: - TOTAL: 100K s.f. Planned: - OFFICE: 175K s.f. RETAIL: 500K+ s.f. including Target RESIDENTIAL: 500-920 D.U. (800,000 s.f.) - MOVIE THEATER: 120K s.f. 8-screen (Lee Hwy Multiplex will stay open) - HOTEL: 150K s.f. Boutique hotel (Indigo) - PARKING: 4 parking garages (4K spaces) on periphery Under Const.: Developer: Edens & Avant/Clark Realty Updates: - 8/09: Currently doing site work. $80M in infrastructure improvements is needed (example: Eskridge Road) before vertical improvements. - 4/09: Fairfax County BOS unanimously approved a community development authority on 3/30/09. CDA will take effect 4/27/09 upon approval of 51% of property owners in the area. At that time county will then vote on issuing $40M in TIF bonds to pay for road widening at Eskridge Road, Route 29, internal roads and five municipal parking garages. Funding to be repaid over 20 years through increased property tax revenue. If revenue is not fully recovered at that time a special assessment will be issued on properties in the area. - 3/09: Site Plan for NAI Theater has been submitted. Expected delivery: Theater ( 2010 ), Final project completion ( 2015 ). Notes: - Fairfax Countyâs first Tax Increment Financing (TIF) project. - Structured parking and 5,700 space underground parking High-end grocery store, fitness facility, 30% open space â two major parks (1.33 acres) for multi-use activities such as outdoor concerts and farmerâs markets.
- Project Name: Fairview Park Acreage: 199 ACRES Total Build-out: 3.6M s.f. mixed-use development (total) Existing: 2.3M s.f. mixed use development mostly office - OFFICE: Almost 2M s.f. - HOTEL: Over 300K s.f. Mariott (395 KEYS) Planned: 1.3M s.f. mixed use development mostly office (about 55K retail) Under Const.: - OFFICE: 128,000 s.f. Class A Major Tenants: General Dynamics ( 163K s.f. ), CSC ( 100K s.f. ), HITT Contracting Developer : Fairview Property Investments Updates 8/09: 3120 Fairview Park has tenants on 1 st and 2 nd floors. 3/09: 2900 Fairview Park currently under construction. 128K s.f. delivering in October 2009 with lead tenant HITT Contracting. 12/08: 3120 Fairview Park delivered 184K s.f. in 6/08 . 100% speculative. Notes - At intersection of Route 50 and Capital Beltway, tenants includes Corporate HQ of Fortune 500 companies General Dynamics (5 th largest defense contractor in the world- source: defensenews.com-2008) and CSC (19 th largest) as well as offices for IBM, Verizon, Booz Allen Hamilton and Hitachi.
- MAIN POINTS - Currently roughly 105,000 employees and 17,000 residents (Task Force report): Two prototypes proposed for the Tysonâs Land Use Task Force: Prototype A: 97M s.f. of development over 20 years to house 72,000 residents and 159,000 jobs. Prototype B: 128M s.f. of development to accommodate 100,000 residents and 203,000 jobs over 20 years. - Rail to Dulles completion date 2015 (scheduled) Total breakout by 2030: Office: 37 â 45M s.f. Hotel: 3.1 - 3.7M s.f. Retail: 6.2 - 7.2M s.f. Residential: 19 â 27M s.f.
- MAIN POINTS Proposed F.A.R. for Tysons Corner Metrorail Stations: Within 1/8 mile: 6.0 FAR 1/8- Œ mile: 4.0 FAR Œ- 1/3 mile: 2.0 FAR 1/3- œ mile: 1.75 FAR
- Project Name: Tysons Corner Center Acreage: 78 ACRES Total Build-out: 7.5M s.f. mixed-use development Existing: 4.1M s.f. mixed use development Planned: 3.4M s.f. mixed use development - OFFICE: 1.4M s.f. (4 office buildings) - RETAIL: 200K s.f. (street-level restaurants and retail) - RESIDENTIAL: Up to 1,385 D.U. (1.6M S.F., 124 ADU), 4 residential buildings - HOTEL: 240 KEYS, (274,000 s.f.) Under Const.: Major Tenants: Developer: Macerich Co. Updates: 4/09: Phase 1 expected to begin within next few months (Source: Bridget Gilbertson, Macerich) Notes: Timeline: 4 phases over a 10-15+ year period: - 1st phase was expected to begin late 2008, now that FTA has signed full-funding grant agreement for Metrorail. - 2nd phase would begin after Metro construction begins - 3rd and 4th phases would undergo review using the revised comp plan, per the Tysons Land-Use Task Force - Community amenities will include the following⊠-Transportation Amenities -New Cultural and Urban DĂ©cor Purple â office Gold â residential Red â retail PHASE 1: Circuit City site - 560k s.f. office - 535k s.f. residential (high rise) - 9.5k s.f. retail - 240 room hotel - outdoor plaza PHASE 2: Across Metro - 520k s.f. office - 500k s.f. residential (high rise) - 48k s.f. retail PHASE 3: Behind Towers Crescent - 290k s.f. residential (high rise) - 26k s.f. office - 61k s.f. retail PHASE 4 - 315k s.f. residential - 272k s.f. office (low rise lofts) - 82k s.f. retail - Parking structure with greenery & amphitheater on roof
- Project Name: Tysons Corner Center Acreage: 78.65 ACRES Total Build-out: 7.5M s.f. mixed-use development Existing: 4.1M s.f. mixed-use development Planned: 3.4M s.f. mixed-use development - OFFICE: 1.4M s.f. (4 offices) - RETAIL: 200K s.f. (street-level retail and restaurants) - RESIDENTIAL: 1,385 D.U. (1.6M s.f. in 4 buildings) - HOTEL: 240 KEYS (274K s.f.) Major Tenants: Developer: Macerich Updates: Notes: - 10 th largest mall, 20M shoppers per year Top left: Phase 1 â Outdoor plaza between Lord & Taylor and new hotel. Ice skating rink, cafes and community art create a relaxing environment. Top right: Phases 1 & 2 - A view from the north showing and its integration with Tysons Central 123 Metro Station. Bottom left: Hotel entrance and elevated plaza â phase 1 (Circuit City site) Bottom middle: View from Tysons II, pedestrian bridge at right connects to Tysons II metro. Bottom right: Bridge connection from Tysons Central 123 Metro Station and elevated walkways connecting residential, office and shopping center Phase 2.
- Project Name: Park Place II Square Feet: 312,897 s.f. Class A office development (11 stories) Major Tenants: Hilton Hotels ( 118K s.f. ), Hogan & Hartson ( 32,877 s.f. ), Chevy Chase Bank ( 20,728 s.f .) Developer: BF Saul Updates: - 03/09: Hilton Hotels announced a ten-year lease to relocate world corporate HQ to Park Place II from Beverly Hills. Leasing 118K s.f. and employing ~ 300 people. 12/08: Delivered 12/08. Started construction 100% speculative and has since landed major tenants. Notes: Next to Hilton-McLean hotel, 7930 Jones Branch Drive Sale of West*Group Portfolio Transfer to Pence-Friedel Portfolio: 2.2M s.f. (28 buildings) 142 ACRES Transfer expected to take up to three years Estimated transfer price $500M-$800M.
- Project Name: Towers Crescent Acreage: 18 ACRES Total Build-out: 1.9M s.f. mixed-use development Existing: -TOTAL: 800K+ s.f. OFFICE: 800K s.f. (3 buildings) RETAIL: 15K s.f. Planned: 3 office condo towers Under Const.: - OFFICE: 293K s.f. Major Tenants: Developer: OWNER: Quadrangle Development Corporation, ORIGINAL ARCHITECT: Phillip Johnson. Updates: - 08/09: Façade complete. Looking to a Nov. 2009 delivery. Notes: Speculative office development under construction at 1850 Towers Crescent. Delivery: Fall 2009 - Existing Bldgs: - 8010 Towers Crescent: 95,500 s.f. - 8020 Towers Crescent: 225K s.f. - 8000 Towers Crescent: 400K s.f. - 280K s.f. parking garage
- Project Name: Corporate Office Center at Tysons II Acreage: 117 ACRES Total Build-out: Over 5.0M s.f. mixed-use development - Master planned for 3.2M s.f. of office space, 1.6M s.f. of retail space and 2 full service hotels - Current FAR is at 1.0 and requesting upzoning is for 3.0 FAR. Existing: - OFFICE: 1.4M s.f. (4 buildings) Planned: - Additional 2.5M s.f., including six more office buildings and a high-rise/luxury condominium tower and a full service hotel can still be developed on the site. - OFFICE: 1.8M s.f. Under Const.: Major Tenants: Developer: Lerner Enterprises Updates: - 08/09: Has not begun construction. Awaiting zoning processing and for real estate market to improve. (Source: Lerner Enterprises) Notes: - Next Building 1775 Tysons Boulevard â (picture at right) 472,000 S.F. office (internationally acclaimed architect, Kohn Pedersen Fox Associates), 18 stories .
- Project Name: Tysons West Acreage: 2.4 ACRES Total Build-out: 1.25M s.f. mixed-use development (Total possible build-out with Phase I and Phase II) Existing: Planned: - Phase I: 250K s.f. of office and retail space, 1,150 parking spaces (4.7 spaces/1,000 s.f.) - Phase II: Up to a possible 1M s.f. of additional office, residential and hotel space on additional parcels. Under Const.: Major Tenants: Developer: JBG Rosenfeld Updates: 08/09: Site Plan filed and currently under review. Notes: - Old Moore Cadillac dealership site (one of several car dealerships along Route 7 to be closed with higher density development along Metro). First new project proposed along new Silver Line Metro station Tysons West (opening 2013).
- Project Name: Reston Town Center-SoMA Acreage: 4.9 ACRES Total Build-out: Over 850K s.f. mixed-use development - OFFICE: 770K s.f. - RETAIL: 80K s.f. - PARKING: 2,400 SPACES Existing: 636K s.f. (Delivered Spring 2008) Planned: Under Const.: 235K s.f. (Delivering 09/01/09) Major Tenants: - Current Existing Buildings: - West Bldg ( 230K s.f. , 1875 Explorer Street). Tenants include: - NII Holdings (Sprint/Nextel subsidiary): 52,000 s.f. - Rolls Royce: 78,000 s.f. - Prospective Inc: 26,000 s.f. - Center Bldg ( 176K s.f. , 11950 Democracy Drive). Tenants include: - Manpower: 42,800 s.f. - East Bldg ( 230K s.f. , 1818 Library Street). Tenants include: - Google: 15,000 s.f . - Federal Home Loan Bank: 26,000 s.f., - Serco: 85,000 s.f. (relocating from Merrifield) - Mortgage Elec. Regis. System: 25,000 s.f. Under Construction: 11955 Democracy Drive (235K s.f.) (SoMA Block 15). Lead tenant: College Board ( 235K s.f. ) Developer: Boston Properties Updates Notes: - College Board ( took entire building at 11955 Democracy Drive ). Occupancy late 2011/2012.
- Project Name: Reston Eastgate Acreage: 22 ACRES Total Build-out: 360K s.f. office development (3 class A buildings) Developer: Boston Properties Updates: - 08/09: Site Plan not yet approved for project. Notes: - At 11011 Sunset Hills Road The site is the largest undeveloped piece of land in Reston Construction is on hold pending possible increased densities with rail to Dulles Phase II.
- Project Name: Wiehle Avenue Station Acreage: 12.47 ACRES Total Build-out: 1.4M s.f. total mixed-use development - OFFICE: Up to 750K s.f. (in three buildings) - HOTEL: Option for 250K s.f. hotel (replaces one office building) - RESIDENTIAL: 500K s.f. - RETAIL: Between 70K s.f. to 130K s.f. of support retail uses. Major Tenants: Developer: Comstock Companies Updates: 06/09: Rezoning Application filed . 03/09: Project in initial stages Notes: Public/private partnership mixed-use development at 2.5 FAR . 3 office buildings 200K s.f. each with 15K-20K s.f. floor plans , 2 residential buildings plus plaza retail. Comstock will build 6,000 space garage (largest in state) next to Wiehle Avenue metro stop, kiss & ride, & bus terminal then build mixed-use on top of garage. - Countyâs Wiehle Avenue 9 ACRE site RFP ground lease & development proposal awarded to Comstock. At intersection of Wiehle Avenue and Dulles Toll Road. Garage needs to be operational prior to metro completion @ mid-year 2013. Looking at 99-year lease to developer. Two other developers have properties adjacent to site (Kfoury, Veatch Properties). Reston land covenants (which supersede county authority) could pose a problem.
- Project Name: Reston Heights Acreage: 35 ACRES Total Build-out: Existing: OFFICE: 360K s.f. - Reston International Building- 218K s.f. - Reston Square- 140K s.f. RETAIL: 21,500 s.f. RESIDENTIAL: 194 D.U. (200K s.f.) HOTEL: 2 Hotels - Sheraton and Westin (500 KEYS) Planned: OFFICE: 1.5M s.f. RETAIL: 350K s.f. RESIDENTIAL: 500 D.U. (675K s.f.) Under Const.: Major Tenants: Developer: JBG (Owners) Updates: 03/09: Reston Heights is now the first neighborhood in Virginia to achieve LEED Silver Certification. Notes: - Comprised of RIC (10 AC)/Reston Square (15 AC)/Roland Clarke Office Complex (10 AC) will need bulk of space (at least 1 million s.f.) preleased to begin construction. (Source: Jeff Kelley, Senior VP, JBG, 240-333-3600). Existing Wachovia Bank, 7-11, Chiliâs, and retail bldg will all be razed. Reston International Building and Sheraton will remain.
- Project Name: Woodland Park Acreage: 230 ACRES Total Build-out: 4.6M s.f. mixed-use development Existing: 2.6M s.f. mixed-use development Planned: 2.0M s.f. mixed-use development Major Tenants: Volkswagon U.S. Corporate HQ Developers: Tishman Speyer, Brandywine, COPT Updates: - 03/09: Two Dulles Tower ( 230K s.f. office) at Woodland Park Road and Centreville Road is near approval. Submitted 9/26/08. - 03/09: Currently Tishman Speyer is approved for 165K s.f. office building next to VW HQ. - 03/09: As of 2/23/09: Brandywine submitted SP for Phase 3 at Lakeside ( 365,000 s.f. office) at 2121 Cooperative Way. Notes: - (Woodland Pointe building). - Delivered 6-stories, 184,834 s.f. class-A office in summer 2007. - Woodland Park Crossing (mixed-use): - 205 condominiums ( 225,248 s.f .), 134,752 s.f. retail - Retail tenants include Harris Teeter, Starbucks, Panera Bread, Pei Wei
- Project Name: Arrowbrook Center Acreage: 40 ACRES Total Build-out: 2.2M s.f. mixed-use development Exising: Planned: Phase 1 (1.3M s.f.): 422K s.f. office (2 bldgs), 163K s.f. retail, 400 d.u. luxury residential, 240K s.f. hotel. Under Const.: Phase 1 (Recreational facility) Major Tenants: Developer: Carbon Thomson Development Updates: 08/09: Continuing construction on the recreational facilities. 02/09: Site plan for trails accepted and distributed to bonding. (Source: DPZ) 11/08: Broken ground on passive water retention park. Vertical improvements are expected by 2 nd Quarter 2009. Phase 1 completion date expected to be 2 nd Half of 2010. (Source: Jim Mertz, VP Carbon Thompson) 8/25/06: BOS approved Phase 1. Notes & Additional Information: - Located at the corner of Sunrise Valley and Centreville Road, formerly known as Launders Farm. Land Bay A: - Four office bldgs ( 297,000 s.f . total) ranging from 9-12 stories, - A 400-room, 240,000 s.f. hotel, - A 2-story, 30,000 s.f. retail bldg. - An additional 24,000 s.f. of ground floor retail space Land Bay B: - A 4-6 story residential bldg (152,970 s.f ., 133-units) surrounding a parking structure, - 6,000 s.f. of first floor retail, and a 3,000 s.f. clubhouse/pool. Land Bay C: - 328-units located in four bldgs ranging from 4-8 stories. - ~6,000 s.f. of ground-floor retail space will be located in one of the two 152,360 s.f. multifamily bldgs. Land Bay D: - Three residential bldgs, ranging from 5-11 stories, with a total of 407 units. - Retail will include a 13,000 s.f., 2-story bldg, and 108,000 s.f. located within the residential bldg. - Two of the bldgs will incorporate green roofs, also will have a pedestrian plaza and parking structure. Land Bays E and F: - A 6.79-acre recreation site with supporting 70-space parking lot. Land Bay G: - Southern portion of the site, across from Sunrise Valley Dr, is a resource protection area State of the art wet pond storm water management facility, wetlands, and passive recreational facilities, including a boardwalk, gazebo, butterfly garden, and a 15-space parking lot.
- Project Name: Dulles Station Acreage: 63 ACRES Total Build-out: 2.7M s.f. mixed use development OFFICE: 1.5M s.f. RETAIL: 34K s.f. RESIDENTIAL: 1095 D.U.s HOTEL: 2 HOTELS (335 KEYS) Existing: - OFFICE: Almost 400K s.f. PHASE 1 completed: Two 185K s.f. office buildings - 2 hotels under construction delivered (182 room Sheraton and 153 room Hyatt Place). Planned: PHASE 2: 1,095 upscale apartments are planned, 34K s.f. of retail is planned. Under Const.: Major Tenants: IBM (123K s.f.) and Strayer Unviersity (105K s.f.) Developer: Crimson Partners, Washington Real Estate Investment Trust (WREIT), Trammell Crow, and OTO Development Updates: - 06/09: Two Hotels (Hyatt Place and Sheraton) delivered in June. 03/09: Final stages of approval for building B (10 stories, 350K s.f. ) â rendering to right Notes: Both Dulles Station East (2008) and West (2009) won NAIOPâs award for best mid-rise office buildings
- Project Name: Dulles Discovery Acreage: 77 ACRES Total Build-out: 1.2M s.f. Class A office (total) Existing: PHASE 1: 800K s.f. (Bldg 1 complete) - Delivered 375K s.f. Spring 2007 Planned: Under Const.: PHASE 2: 425K s.f. (Bldg 2). Delivering 6/2010. Major Tenants: GSA pre-leased the first phase of 800K s.f. Developer: Peterson Cos. Updates: 08/09: Steel up on Bldg 2. Working on façade. Notes: - Located South of the Toll Road along the 28 Corridor - Outside the gates of the Air and Space museum - Constructed to Level 5 Facility Criteria â the highest level of security construction: - A facility such as the Pentagon or CIA Headquarters with missions critical to national security - Vulnerability survey conducted every year, setbacks, progressive collapse, control of parking and first floor retail, window glazing/framing, electronic security/access control systems, biohazard mitigation, Anthrax decontamination, Isolated air handling for mail centers, back-up public utilities (emergency power).
- Project Name: Barthelson Plaza Square Footage: 62K BTS office building Major Tenant: Audio Video Systems, Inc. Developer: Vika, Inc. (Engineer) Updates: 08/09: Currently under construction. Delivery: 12/09. Notes: - This slide (along with Metropark 7) demonstrates that new construction starts in the current market are limited to BTS project and that Speculative development has come to a halt.
- Project Name: Westfields Corporate Center Acreage: 1,200 ACRES Total Build-out: Over 16M s.f. mixed-use development Existing: 7.8M s.f. OFFICE: 7.5M s.f. INDUSTRIAL/FLEX: 305K s.f. HOTEL: 350K s.f. Westfields Marirott (336 KEYS) - 31 meting rooms (40K s.f. meeting space) Planned: 8.4M s.f. OFFICE: 8.3M s.f. INDUSTRIAL/FLEX: 78K s.f. Under Const.: OFFICE: 156K Commonwealth Centre Major Tenants: The Aerospace Company (TASC), Lockheed Martin, Northrop Grumman, CACI, CSC Developer: Assembled by Henry Long, formerly of Long & Foster Updates: 08/09: Commonwealth Centre Building 2 near completion. Notes: Largest office park in the Washington metro area. Westfields Office Park: - Assembled by Henry Long, formerly of Long & Foster 1,200 acres â the largest office park in the Washington metro area.
- Project Name: Ellipse at Westfields Acreage: Almost 40 ACRES Total Build-out: 1M+ s.f. total office/hotel development Existing: - OFFICE: Delivered 285,000 s.f. Class A office (Spring 2008) - PARKING: 725 spaces (300 covered) Planned: - OFFICE: 900K s.f. (3 available office sites on 9 acres) - HOTEL: 2 Hotel sites (340 TOTAL KEYS) on 9 acres. - One hotel will be a 210 room full service hotel, - One a 130 room limited service hotel. Under Constr.: Major Tenants: LONG & FOSTER Developer: Long & Foster Updates: 08/09: Looking for large preleases before continuing construction. Notes: Corporate HQ for Long & Foster More handmade bricks used in construction of any building in the world since 1881. - NW intersection of Willard Rd and Route 28. Intersection is currently under construction for a clover leaf flyover.
- Project Name: Commonwealth Centre Acreage: 100.81 ACRES Total Build-out: 1.5M s.f. total mixed-use development - OFFICE: Up to 1,126,500 s.f. - RETAIL: 76,400 s.f. - HOTEL: 212K s.f. Existing: - OFFICE: 320K s.f. Planned: - OFFICE: 160K s.f. (in pipeline) Under Const.: - OFFICE: 160K s.f. Major Tenants: CACI (60K s.f.) Developer: BPG Properties Updates: - 08/09: Building 2 finishing up construction, Building 3 has been issued permit to begin construction. - 12/08: Building 2 currently under construction. Expected delivery 07/09. 160,000 s.f. 60,000 s.f. preleased by CACI. 12/08: Building 1 delivered in 4/08. Leased by CACI. - 12/08: Building 3 in the final stages of approval for 160,000 s.f. It will require 80,000 s.f. preleasing to begin construction. Notes: Total 0.34 FAR - BOS approved mixed used development for office, hotel, and retail from I-3 to PDC (0.32 FAR) - Six 5-story office bldgs planned on the outer ring, and two 2-story office bldgs in the center - 2 hotels: - 135,000 s.f. full-service, 7-story, 150 rooms (Westin) - 100,000 s.f. limited-service, 5-story, 100 rooms (Element) - Construction for the Westin is started in spring 2008 (mid 2009 delivery). For the Shops at Commonwealth, brokers are talking to an upscale grocer, coffee shop, medium-end restaurant, and fast food.
- Project Name: MetroWest Acreage: 56 ACRES Total Build-out: 1M s.f. mixed-use development Existing: Planned: - OFFICE: Up to 900K s.f. office planned (planning a bio-tech or JV biotech/academic campus (Jeff Roman, CBRE) - RETAIL: 100K s.f. retail planned Under Const.: Developer: Pulte Homes (residential), Clark Construction (mixed-use) Major Tenants: Updates: 08/09: BOS approves flipping 700K of Residential to office. Public Outcry. 06/09: Pulte looking at asking permission to build 700,000 s.f. office in place of residential development. (source: Fairfax Times) 04/09: Site Plan expected to be approved 8/09. Site work to begin Summer/Fall 2009. Expected Office Groundbreaking 5/10 and office delivery near the end of 2011. Notes: - 2,250 homes (replaced 60 homes) including age-restricted units Used to be the Fairlee subdivision Age-restricted housing component is in the NW portion of the site Proffers: Retail will be in as early in the process as it can Columns and beams for the first office bldgs need to be completed prior to the issuance of the residential use permit (RUP) for the 1,101 st unit (excluding age-restricted housing), and the bldg needs to be completed in no less than 18 months after issuance of this RUP A defined commitment to bring a 20k-30k s.f. grocery store into the community.
- Project Name: Fair Lakes Acreage: 650 ACRES Total Build-out : 7M s.f. (total possible development) mixed-use development OFFICE: 6 office buildings totaling 622,000 s.f. RETAIL: 145,000 s.f. RESIDENTIAL: 2 residential towers totaling 750 units HOTEL: 150 room hotel Major Tenants: Developer: Owners: Peterson Companies and Shorenstein Companies Updates: 12/08: The numbers for this project are as follows:                                    Existing            Possible build-out presently approved Office                          2,275K            479K Hotel                             326K            105K Retail                           1,127K            130K Total non- residential      3,728K            714K Residential                  2873 dus.         750 dus. (Source: Jeff Saxe, Peterson Cos.) Notes: - Planning Commission approved all 17 Fair Lakes proffered condition amendment applications (50 motions) - Total 750 new residential units and 480,000 s.f. of new office. OVERALL - Phase 1: 479,000 s.f. office on Fair Lakes 1 & 2 office building parking lots - Phase 2: 150,000 s.f. retail on Fair Lakes Center surface parking lots (fronting DSW, etc.) - There will be underground parking and over-retail office - Also 150,000 s.f. of hotel and 650 residential units . - Hotel/Land Bay VII-B (SW Ffx Cnty Pkwy & Fair Lakes Cir): Existing drive-thru bank will be demo'd for new 150-room hotel. Includes 5K s.f. of retail, and 1.5 stories of structured parking. Will be accessed from Shoppes Lane. - Land Bay V-B (N of Fair Lakes Cir, E of Hyatt): 213,000 s.f. office bldg, two 11-story L-shaped bldgs (5 stories office, 6 stories structured parking). - Office/Land Bay V-A (parking lot serving Fair Lakes 1,3,4): L-shaped 5-story bldg ontop of 6-stories of structured parking to support all four office bldgs. - Residential/Land Bay V-A (across the street from Kohl's): 11-story, 265-units on top of four levels of structured parking. Existing garage that serves office bldg will be expanded by 295 spaces. Also nearby, a 232-unit, 10-story multi-family bldg a ontop of three levels of structured parking (two of which are underground). - Land Bay IV-A (fronting DSW): Plans submitted. 6 story integrated structure providing 140k sf of retail and structured parking, bookended by two office buildings totaling 120K s.f.
- Project Name: Fairfax Corner Acreage: 48 ACRES Total Build-out: Over 1M s.f. mixed-use development (Source: Paul Weinschenk, Peterson Cos.) Existing : - OFFICE: Currently: 145K s.f., - RETAIL: Currently: 195K s.f - RESIDENTIAL: Currently: 430K s.f., - HOTEL: Currently: 0 s.f. - THEATRE: Currently 500K s.f. Planned: - OFFICE: Planned additional build-out: 413K s.f. - RETAIL: Planned additional build-out: 110K s.f. - RESIDENTIAL: 340K s.f. - HOTEL: 100K s.f. additional build-out Under Const.: Major Tenants: Developer: Owners: Peterson Companies Updates: - 08/09: Project still on hold pending market conditions. - 10/08: Per Peterson Co., hotel on hold, but project has ability to build out to over 1M s.f. - 10/07: BOS approved RZ for expansion plans ( 350 units , and 636k s.f. residential) Notes: - 2 residential only bldgs flanking Coastal Flats - 1 residential only west of PF Changes, north of the pond - 3 bldgs with office and retail on both sides of the theater (up to 14 (B & C) and 12 stories (G1)) - 1 hotel with retail ( 84 KEYS â possibly a HyattPlace) - Parking decks will start construction after the holiday season - Enhanced plazas with brick pavers and a fountain - Metro-support site planned on the west of Bldg B.
- Project Name: Springfield Town Center Acreage: 80 ACRES ( 49 ACRES current, with potential for 31 NEIGHBORHING ACRES ) Total Build-out: 6.41M s.f. mixed-use development Existing: Planned: - Base Scenario: - OFFICE: 1.1M s.f. RETAIL: 1.9M s.f. RESIDENTIAL: 2,000 d.u. HOTEL: 360,000 s.f., 225 keys Full Scenario: OFFICE: 1.5M s.f. RETAIL: 1.9M s.f. RESIDENTIAL: 2,000 d.u. HOTEL: 360,000 s.f., 225 keys Under Const.: Major Tenants : Macyâs, Target, Sears Developer: Vornado Updates: - 08/09: BOS passed plan. Interior work on mall has started. - 06/09: BOS hearing deferred to 7/13/09. - 3/09: Planning commission held public hearings and approved plans to be forwarded to BOS. BOS will hold public hearings March 30 th before voting on plan. 11/08: APR Nomination accepted â Potential total build-out now 6.41 million s.f. Notes: Residential: 2.38M s.f. (build-out to 2.45M s.f.): 2,200 residential units on the perimeter: almost all multi-family and ~50 townhomes Retail: Over 2M s.f.: - There is an additional existing 125k s.f. of retail in smaller outbuildings. Additional retail along Loisdale Rd: 175,000 s.f. - Office: 1.5M s.f.: - Three office towers ( 1.5M s.f .): one 750k s.f. (10-stories), and two 312,000 s.f. buildings Hotel: 225 room, 191,440 s.f. Mariott
- Project Name: MetroPark Acreage: 49 ACRES Total Build-out: Over 1.2M s.f. class A office development. Existing: 700K s.f. office development - Bldg 8 (156,000 s.f. class-A bldg) - 08/09: Metro Park VIII delivered 6/2009. 11/08: Signed DCS Corporation (40,000 s.f.). Planned: 400K s.f. office development - Bldg 7 (95K s.f.) - 08/09: Permits issued for BTS (rumored to be for VSE) 04/09: Rumors they are in serious negotiations with a full building user (defense contractor [VSE, BAH, or BAE]). Bldg 6 (300K s.f.) Under Const.: Major Tenants: - Bldg 2 tenants : SAIC, Bldg 3 tenants : Calibre Systems, Bldg 4 tenants : US Army Intelligence & Security Command (INSC), Bldg 5 tenants : Stanley Inc. (25k), The Tauri Group (25k), Janus (5k), Booz Allen Hamilton (5k), ING Clarion (2k). Developer: ING Clarion Updates: - 08/09: Site Plan permits approved. Cushman Wakefield: Construction expected to begin on Bldg 7 late â09/early â10. Notes: - Originally owned by Cushman & Wakefield, purchased by ING Clarion in 2006. - Close to Interstate 95, and is also accessible to the Franconia/Springfield Metro Station via shuttle bus - The complex was developed by Mark and Barbra Fried of the Fried Companies. - ING purchased the park in 1H 2006 â back on the market as of 10/07, selling all the existing buildings.
- Project Name: Springfield Metro Center Acreage: 12 ACRES Total Build-out: Over 400K s.f. class A office development Existing: Planned: Two 8-story office buildings over 200K s.f. each. The first building will be 273K s.f. and can deliver 4Q 2011 or 1Q 2012 Under Const.: Major Tenants: Developer: Boston Properties Updates: 08/09: BOS Approved Rezoning 5/18/2009. Project will have 82â Setbacks. Boston Properties is immediately going for site plan approval to be ready to move should a tenant approach them. BP could finance start of construction themselves on project once major anchor tenant preleases with them on this project. Earliest possible delivery 10/2011 (source: Jack Burkhardt, Boston Properties) Notes: - On Joe Alexander Drive adjacent to Springfield Metro station and near to the old GSA warehouse site.
- - Total New Jobs from Ft. Belvoir BRAC: 19,300 - 1,000 to Rivanna (Charlottesville) - 3,400 to Main Post - 6,400 to Mark Center (Alexandria) - 8,500 to NGA/EPG - Only 8-10% of relocated jobs are military - Mostly from Crystal City Total Current Pre-BRAC Personnel~23,000 - Total Residents: ~6,000 Note: Some, but not all, residents work on the base - New Walter Reed Medical Facility would be 165 beds â compared to the 300 bed hospital proposed to be built in Bethesda at the Naval Hospital. - Largest net gain of any base in the world BRAC Gains âą Medical care functions from Walter Reed Medical Center âą Army and DoD organizations from NCR leased space âą National Geospatial-Intelligence Agency units âą Program Manager Acquisition, Logistics, Technology Enterprise Systems Support âą Program Executive Office, Enterprise Information Systems from Fort Monmouth, N.J. âą Inventory Control Point functions from Mechanicsburg, Pa. and Wright-Patterson AFB, Ohio âą Selected Defense Intelligence Agency activities to Rivanna Station (Charlottesville), Va. BRAC Losses âą AMC Headquarters and US Army Security Assistance Command to Redstone Arsenal, Ala. âą Prime Power School to Fort Leonard Wood, Mo. âą US Army CID Headquarters to Quantico Marine Corps Base, Va. âą Soldiers Magazine to Fort Meade, Md. âą Biomedical Science & Technology programs of Defense Threat Reduction Agency to Aberdeen Proving Ground, Md. âą DTRA conventional armaments research to Eglin AFB, Fla. âą Information Systems, research, development and acquisition to Aberdeen Proving Ground, Md.
- Project Name: New Campus East- NGA (2005 BRAC) Acreage: 130 ACRES Total Build-out: 2.4M s.f. office development - 8,500 new jobs. Major Tenant: New NGA Headquarters Developer: NGA â National Geospatial-Intelligence Agency US Army Corps of Engineers (Baltimore District) awarded the construction to Clark/Balfour-Beatty JV Updates: 12/08: Project is currently under construction with six floors up. Notes: - $1.2 billion development (Clark Constructionâs largest project in history) - Integrated Design Bid Build strategy Office and Support spaces, Technology Center, Central Utility Plant, Visitor Control Center, 4-lane bridge over Accotink Creek.
- Main Points - 38 Total APR filed: - 13 APR approved - 6 APR denied - 13 APR withdrawn - 6 APR deferred to later date - Remaining 6 APR will undergo further review by VDOT for transportation impacts. Of 13 adopted APR, 12 are related to commercial development and will increase allowed commercial densities up to 5M s.f.