JV Buys $26M Land for DC-Area Mixed-Use Project
- Feb 15, 2018
Tysons Development LLC, a joint partnership of Clemente Development and an international capital partner, has purchased a 1.8-acre parcel at 8590 Leesburg Pike in Tysons, Va. The site will accommodate Phase 1 of The View, a large-scale mixed-use development to be located on the eastern outskirts of Washington, D.C. According to public records, BP Realty LP disposed of the land for $26 million.
The View at 1576 Spring Hill Road is located in Tysons’ Arts and Entertainment District and will comprise 3 million square feet. The development will include a performing arts center, retail amenities, hotel, luxury condominiums and office space. The property will also provide direct access to the Spring Hill Metro Station, enabling easy access to Arlington and Washington, D.C. through the Silver Line.
Transwestern’s Mid-Atlantic Capital Markets Group, led by Executive Managing Director Gerry Trainor, brokered the transaction on behalf of the seller.
“The View will be another piece of the puzzle turning Tysons into a walkable, green, 24/7 new city in accordance with Fairfax County’s goals and objectives laid out in the Tysons Comprehensive Plan,” said Trainor in prepared remarks.
The Meridian Group is also developing an $825 million mixed-use project in Tysons. Marketed as The Boro, the property will include a 437,00-square-foot trophy office building, co-developed with Rockefeller Group.
Images courtesy of Transwestern and Clemente Development