FOR SALE: 3.59 Acre Development Site Tysons West Metro Station Peacock Buick Site

Transcription

1 FOR SALE: 3.59 Acre Development Site Up To 1.1 Million FAR SF Highly Sought After Metro Location Highest Densities in Tysons Corner North Dulles Airport Dulles Toll Road (Rte 267) Washington, DC + Capital Beltway Leesburg Pike (Rte 7) Tyco Road Peacock Buick 3.59 Acre Site Tysons West Metro Rail Station Springhill Road Institutional Commercial Group Gerald P. Trainor gerry.trainor@transwestern.net James V. Cardellicchio jim.cardellicchio@transwestern.net Robert J. Filley bob.filley@transwestern.net Additional information may be obtained from the Seller s real estate and financial advisor and exclusive agent: 1667 K Street, NW Suite 300 Washington, DC TEL FAX

2 3.59 ACRE DEVELOPMENT SITE Executive Overview SITE DESCRIPTION SITE DESCRIPTION (continued) Acres: (156,529 square feet) Topography: Proposed Zoning: 2 Office Mixed-Use (60% - 80% office) Improvements: Flat Vacant auto dealership ( former site of Peacock Residential FAR: Buick and Eastern Motors) Non-Residential FAR: Maximum Height: 360 feet SELLER FINANCING 1 Current zoning is C-7 (0.7 FAR) 2 Proposed FAR reflects Fairfax County Planning Commission s draft text to amend the Comprehensive Plan. Adoption of the new Plan is scheduled to occur in late Dulles Airport Leesburg Pike (Rte 7) Seller owns land free and clear Seller is willing to finance deal; short- or long-term Seller will consider all proposed financial structures Delayed Closing: ability to close upon site plan approval Phased Closing: ability to sub-divide Site and have 2 closings Dulles Toll Road (Rte 267) Peacock Buick 3.59 Acre Site Washington, DC + Capital Beltway INTRODUCTION Transwesetern has been engaged as the exclusive agent to sell a 100% fee simple interest in a 3.59 acre development site situated at 8590 Leesburg Pike in Vienna (Tysons Corner), Virginia (the Property or Site ). This prime development Site is situated at the to be constructed Tysons West Metro Rail Station. As a result of its proximity to the Metro Rail Station, the Site will enjoy the highest density granted to properties in Tysons Corner. It is fully anticipated that Fairfax County will allow densities of FAR for those sites within 1/8-mile of a Metro Rail Station. Fairfax County s Board of Supervisors unanimously has accepted the recommendations made to it from an appointed Land Use Task Force and is currently in the process of amending the County s Comprehensive Plan. Over the ensuing years, Tysons Corner will transform itself from an employment and shopping destination to a mixed-use urban community. Its urban center concept will include office, residential and retail uses centered around a pedestrian friendly streetscape that is served by public transportation. HIGHLIGHTS Tyco Road The Site will become the Western Gateway to Tysons Corner providing exceptional access to the Dulles Toll Road, the Capital Beltway and I-66. Situated at the footsteps of the new Tysons West Metro Rail Station, the Property will enjoy convenient access to Dulles International Airport, suburban Maryland and Virginia, and direct access to downtown Washington, DC. Tysons West Metro Rail Station It is anticipated that the 3.59 acre Site will be improved with up to 1.1 million square feet of mixed-use development with the emphasis on office. Furthermore, the adjacent landowner to the subject Property s south, intends to construct a town center concept and will further enhance the subject Site s viability and further define the area as the Western Gateway to Tysons Corner. Springhill Road The Site will be in high demand by developers and the current owner of the Site has offered to provide seller financing to a qualified developer. The current land owner owns the Site free and clear of any debt obligations. As a result, the seller is willing to consider most financing structures and is willing to defer closing until site plan approval. 1

3 3.59 ACRE DEVELOPMENT SITE Development Overview FAIRFAX COUNTY ZONING September 2008, Fairfax County Board of Supervisors unanimously accepts the appointed Land Use Task Force s recommendations The County s existing Comprehensive Plan will be amended in accordance with the Land Use Task Force s recommendations Land Use Task Force recommends high density, mix-use development within ¼-mile of Metro Rail Stations Adoption of the new Comprehensive Plan is scheduled to be completed by the end of 2009 A preliminary draft of this Plan is available on the accompanying CD METRO RAIL STATUS March 19, 2009, Federal Transit Administration officially commits $900 million toward the project which was the final approval needed for construction and funding March 20, 2009, construction officially began Currently, utility relocation work continues and construction of the 2,100 foot tunnel underneath the radio tower at Rte 7 and Rte 123, is well underway Phase I Completion: 2013 (service to Wheile Avenue) Phase II Completion: 2016 (service to Dulles International Airport) SITE POTENTIAL On March 19, 2009, the Federal Transit Administration officially signed-off to fund $900 million of the Metro Rail s expansion costs. The new Silver Line will extend from the existing West Falls Church Metro Rail Station to Whiele Avenue in Reston via four station stops throughout Tysons Corner. In conjunction with Metro Rail s expansion through Tysons Corner, Fairfax County will transform Tysons Corner into a mixed-use, pedestrian friendly urban center with high-density nodes clustered around the four Metro Rail Stations. North Dulles Airport Dulles Toll Road (Rte 267) Washington, DC + Capital Beltway Leesburg Pike (Rte 7) Tyco Road Peacock Buick 3.59 Acre Site Tysons West Metro Rail Station Springhill Road Fairfax County s Board of Supervisors appointed a Land Use Task Force to conduct public hearings, seminars and town hall meetings to solicit the public s general vision for Tysons Corner. In addition, to these public meetings, the Land Use Task Force engaged PB Placemakers, an urban planning design firm, to help create an urban plan for Tysons Corner. In short, in September 2008, Fairfax County s Board of Supervisors unanimously agreed to adopt the Land Use Task Force s recommendations for high density nodes centered around Metro Rail Stations. The urban plan s highest densities of FAR will be situated within 1/8-mile radius of the rail stations. Density levels will taper back in ¼-mile increments from the rail stations (e.g. 1/8-mile, ¼- mile radius, ½-mile radius, ¾- mile radius). The subject Site can potentially enjoy up to 1.1 million square feet of mix-use development and will be situated steps away from the Tysons West Metro Station and immediately adjacent to the Georgelas Group s 4 million square foot town center complex. MAXIMUM FLOOR AREA RATIOS Distance From Station: 0-1/8 mi. Residential Base Maximum 6.00 FAR with Affordable Workforce Housing 7.20 FAR with LEED Silver (6% bonus) 7.56 FAR with LEED Gold (8% bonus) 7.68 FAR with LEED Platinum (10% bonus) 7.80 FAR Non-Residential (office / retail) Base Maximum 6.00 FAR with LEED Silver (6% bonus) 6.36 FAR with LEED Gold (8% bonus) 6.48 FAR with LEED Platinum (10% bonus) 6.60 FAR Note, mixed-use will blend the residential and non-residential FARs proportionally. The subject Site is designated to be 60% - 80% office with a maximum building height of 360 feet. 2

4 3.59 ACRE DEVELOPMENT SITE Transformation of Tysons Corner TRANSIT ORIENTED DEVELOPMENT High density development at Metro Rail Stations Mixed-use themes throughout Tysons Corner Residential uses receive highest densities ( FAR) Mixed-use density to be a blend of residential and non-residential FARs proportionately. TYSONS CORNER REDEVELOPMENT Re-develop Route 7 into 8-lane divided highway Create grid system for roadways Numerous pedestrian crossings and walkovers to encourage foot and bicycle traffic Bonus densities for affordable/workforce housing and LEED certifications TRANSFORMATION Tysons Corner is considered the urban core of Northern Virginia. Tysons Corner contains over 26 million square feet of office space, 1 million square feet of industrial/flex space and 5.3 million square feet of retail space. Its central location at the intersection of the Capital Beltway, the Dulles Toll Road and Routes 7 and 123, makes Tysons Corner the preeminent regional location for the entire Metropolitan Washington, DC area. Subject Site 3.59 Acres (1.1 Million FAR SF) Georgelas Group s Plaza At Tysons West (4 Million FAR SF Town Center) Springhill Road The Metro Rail expansion through Tysons Corner will be the catalyst to transform Tysons Corner into a 24/7 live-work-play community with high density mixed-use development clustered around Metro Rail Stations. It will be developed with 227 million square feet of space designed to balance its daytime and residential populations. To that end, residential development will be encouraged with bonus density provided for affordable/workforce housing and LEED initiatives. To accommodate this residential growth, Tysons Corner s roadways will be transformed into a street grid system and secondary transportation systems such as a circulator bus system will be implemented to link developments to Metro Rail Stations and services. The Land Use Task Force s recommendations also encourage cultural, art and recreational venues be developed throughout the community. Bus Depot Platform Access TYSONS CORNER METRO RAIL ROUTE Tyco Road Leesburg Pike (Rte 7) Tysons West Metro Rail Station Leesburg Pike (Rte 7) Platform Access 3.59 Acre Site 3

5 3.59 ACRE DEVELOPMENT SITE Tysons West Metro Station ڎ Peacock Buick Site Tysons West Metro Rail Station ACCESS TRAFFIC COUNTS Close proximity to multiple interchanges: Dulles Toll Road, Chain Bridge Road (Rte 123), and the Capital Beltway (I-495) Dulles Toll Road is less than a ¼-mile from the Site, making it accessible to one of the region s major east/west arteries Capital Beltway is just 2 miles east of the Site Dulles Airport is 12 miles west of the Site TYSONS WEST Leesburg Pike (Rte 7): 65,000 vehicles per day (2002) Dulles Toll Road (Rte 267): 66,000 vehicles per day (2002) Chain Bridge Road (Rte 123): 43,000 vehicles per day (2002) Tysons West is intended to be the signature Western Gateway to Tysons Corner from Route 7 and the Dulles Toll Road. This Western Gateway will be highlighted by the 4 million square foot Plaza At Tysons West project and the landmark Sheraton Hotel tower. Streets leading to and from the Tysons West Metro Station are envisioned as specialty retail streets that draw people off the Metro Rail and into the residential neighborhoods. In addition it has been identified as an optimum location for an arts and entertainment district. The Georgelas Group s adjacent site, better known as the Plaza At Tysons West, will be a town center concept that will include residential, office and retail uses. The Plaza will provide direct covered access to the Tysons West Metro Rail Station and will lead the re-development of the Tysons West micro market. The Plaza At Tysons West will include two 30-story towers, retail shops & restaurants and have an entertainment pavilion for ice skating and concerts. SIT E Tyso The subject Site is well positioned to be one of the premier sites in Tysons Corner due to its location adjacent to the Plaza At Tysons West and its access to the Dulles Toll Road. ns W est M et ro S tat ion e 7) ike (Rt te 123)) P g r u Rd (R Leesb Bridge in a h dc (towar (to 7) e) (Rte ¼-mil e ik ; r g P ol l R d u b T s Lee Dulles rd wa Springhill Road View looking toward Tysons West Metro Station from an urban park in Tysons West s North Subdistrict (subject Site s subdistrict). 4

6 3.59 ACRE DEVELOPMENT SITE Tysons West Metro Station ڎ Peacock Buick Site Miscellaneous Images Tysons Corner Transformation Tysons Central: Today Tysosns Central: Proposed Proposed Intensities Conceptual Land Use Pattern Potential Circulator Routes 5

7 Miscellaneous Images 3.59 ACRE DEVELOPMENT SITE Conceptual Grid of Streets Conceptual Character Zones Conceptual Parks and Open Space Network Conceptual Building Heights 6

8 Miscellaneous Images 3.59 ACRE DEVELOPMENT SITE TYSONS WEST: Subdistrict Designations TYSONS WEST: Conceptual Station (looking east) TYSONS WEST: Entertainment / Civic Pavilion TYSONS WEST: Conceptual Station Interior 7

9 ALTA Survey (03/06/2006) (ALTA Survey is also included on the accompanying CD) 3.59 ACRE DEVELOPMENT SITE 8

10 GERALD P. TRAINOR JAMES V. CARDELLICCHIO ROBERT J. FILLEY STEPHEN REPP ANDREW J. CZEKAJ, III JIM DARBY MATT GANNON K STREET, NW SUITE 300 WASHINGTON, DC