LCOR/CALSTRS Breaks Ground on 2,000-Apartment Complex in McLean
- Feb 13, 2015
LCOR/CALSTRS is on a mission to fulfill demand for residential housing in Tysons Corner. The company broke ground last week on the first phase of a seven-phase project that will supply more than 2,000 apartment units in McLean.
Phase One calls for the construction of The Commons – Building One at 1620 Anderson Road. The apartment complex will consist of two towers, one 15 stories tall and the other at 13 stories. It will feature 319 high-end units and a large array of amenities, such as a business center, a conference room and a fitness and yoga center. A two-story sky bar will connect the two towers at the 10th floor.
LCOR/CALSTRS has hired Hoar Construction to build the project. Design Collective is the architect. The developer did not announce how much it plans to invest in the project or a timeline for construction.
In its 2015 National Apartment Research Report, Marcus & Millichap said that apartment construction has increased in the Washington, D.C., area in the past two years, as developers try to take advantage of tenant demand. The construction cycle hit a peak last year, with apartment stock expanding by 3.4 percent. However, Marcus & Millichap predicts that supply additions will ease in 2015.
After completing 19,000 units in 2014, developers are expected to deliver only 10,900 this year. The new supply will push vacancies to 5.2 percent. In spite of this, rents are expected to rise 1.6 percent this year, to $1,595 per month.
Photo credit: Hoar Construction