Buchanan Partners, one of the Washington, DC metropolitan area’s leading real estate developers, has broken ground on the first phase of its long-awaited 400-acre Arcola Center site in the Dulles South area of Loudoun County, VA.
The company will be installing infrastructure for 250 condominium and townhome residences. NV Homes and RyanHomes, both part of Reston, VA-based NVR, Inc., will acquire finished lots from Buchanan and start building homes in the first quarter of 2012. Home deliveries are expected to begin in mid-2012.
These new homes will anchor The Residences at Main Street, a 55-acre parcel just north of Route 50, approved for up to 870 residential units. In addition to traditional townhomes, The Residences will include “stacked” condos that look like three-story townhomes, but actually contain one- and two-story condominiums. Buchanan will construct Hutchinson Farm Parkway to access the new community.
In 2006-7, the Loudoun County Board of Supervisors approved a major rezoning for a mix of uses at Arcola Center, including office, retail, residential, and hotel uses. That plan called for development to begin with construction of The Shops at Arcola Center, approved for over 600,000 square feet of retail space. Buchanan was in the process of finalizing leases with several well-known national retailers when the economic downturn scuttled plans for new retail development throughout the U.S.
Jimmy Roembke, Project Manager for Arcola Center, said: “Although our plans for The Shops at Arcola Center have been delayed, we are very pleased to be starting on The Residences at Main Street and continuing our long-standing relationship with NVR.”
Arcola Center is strategically located at the juncture of Route 50, Route 606, and Loudoun County Parkway in the southeast part of the county, surrounded by thousands of homes but virtually no commercial space. Based on well-established “smart growth” principles and incorporating the recommendations of a local citizen task force, Arcola Center will be a vibrant, 24-7 community combining residential, commercial, retail, entertainment, and cultural uses to create a new western gateway to Loudoun County.
Thomas Flynn, Director of the Loudoun County Department of Economic Development, said: “Loudoun County is proud to welcome the next Buchanan Partners development, Arcola Center, into the growing Loudoun market. The start of this mixed-use project will bring new and exciting opportunities for retailers and other businesses as well as residents.”
Designed to be built out over a ten- to 20-year period, Arcola Center is planned for up to 2.1 million square feet of office and commercial space, up to 1.1 million square feet of retail space, and approximately 80 acres of townhomes and multifamily housing. Also planned are two hotels and a civic/cultural tourism and educational destination focused on a restored slave quarters building dating from the early 1800s. The future pace of Arcola Center development will depend on market conditions.
Buchanan Partners is one of the leading commercial and residential real estate developers in the Washington, DC metropolitan area, with a solid reputation for integrity, innovation, and community involvement. Over the last decade, Buchanan Partners has acquired, planned, or developed over 2,300 acres of commercial and residential land as well as over five million square feet of property including office, industrial, flex, retail, and mixed-use projects. For more information, visit: www.buchananpartners.com.