Greystar to Develop 400-Unit, 34-Story Residential Tower in Tysons Corner
- Jul 18, 2014
By Adrian Maties, Associate Editor
At the start of July, a 1.8-acre site in the Spring Hill Station mixed-use project in Tysons Corner changed hands for an undisclosed amount. The buyer was GDM Spring Hill Station LLC, a joint venture between The Georgelas Group Cos., T-Rex Capital Group LLC and Dierman Realty Group LLC. Shortly after the acquisition, the joint venture sold a portion of the parcel to Greystar, a South Carolina developer with big plans in the area.
Just as in the case of the first sale, the terms of the second sale were not disclosed. However, Greystar wants to use the land for the construction of its newest multifamily tower. Called Elan Tysons West, it will stand 34 stories tall and will have as many as 400 units, as well as 6,500 square feet of first-floor retail space. This new development will feature numerous amenities, such as a roof deck, pool, fitness center, Wi-Fi lounge, entertainment center, 24-hour concierge, wine cellar and outdoor lounge with grilling areas. It will also be located next to the new Silver Line Metro Rail station, scheduled to open on July 26.
“Greystar’s development is part of the world-class Spring Hill Station project that will transform Tysons Corner into a walkable, green, 24/7, urban center in accordance with Fairfax County’s goals and objectives,” Transwestern Executive Managing Director Gerry Trainor said in a statement. Trainor led the team representing the undisclosed seller of the 1.8-acre site. Transwestern was not involved in the second sale, to Greystar.
Spring Hill Station is a massive, two-phase development. When finished, it will be home to as much as 7.6 million square feet of office, retail, residential and hotel space. The project is being developed by The Georgelas Group and its partners. Georgelas announced last year its plans to bring a new residential high-rise to the area.
Elan Tysons West is the second of seven residential towers planned for Spring Hill Station. The first high-rise opened earlier this year. It was also developed by Greystar and is called The Ascent at Spring Hill Station. The tower stands 26 stories tall and features 404 apartments.
Photo credit:The Ascent At Spring Hill Station – Facebook