Virginia Office Park to Become Major Mixed-Use Community
Akridge sold the newly rezoned Preserve at Westfields in Fairfax County to two developers, which plan to create a mixed-use community with retail, multifamily and more.
A rendering of The Preserve at Westfields mixed-use development
Washington, D.C.—The Preserve at Westfields, a newly rezoned site located in the 1,100-acre Westfields International Center at Dulles office park, will be transformed into a major mixed-use community that will bring residences to the well-located park. Akridge successfully rezoned the 55 acres of land from office to residential use and just sold the site to Northwood Ravin and Elm Street Development, two developers who will carry out the vision for the site just south of the Dulles International Airport in Fairfax County.
“Akridge saw an opportunity to provide much-needed residential and retail space to the suburban office park by rezoning the property as mixed-use. The plan includes providing walkable retail and a grassy amphitheater next to a central water feature where concerts and screen on the green events could be held,” Joe Svatos, Akridge’s senior vice president of acquisitions, told MHN.
Specific plans for the development include 155 townhomes, up to 650 multifamily units and up to 15,000 square feet of retail. The project will also include community spaces like an amphitheater and pavilion, a nature trail and a lake. The community will also be located next to the planned Wegmans retail development.
“Westfields has always been one of Fairfax County’s premier office parks. Elm Street is proud to be part of Westfields’ transition into an exciting mixed use community where people work, live, and shop,” said James Perry, vice president and principal of Elm Street Development.
Leading owners and developers of the Westfields office park include Corporate Office Properties Trust, Duke Realty, BPG Properties, Normandy Realty Trust, among others. The park also has a strong roster of tenants, with just a few of the major names being Lockheed Martin, Northrop Grumman, Boeing, Booz Allen & Hamilton and Fort Motor Co.
Akridge completed the sale of the townhome component of The Preserve to Elm Street Development in May 2016 and construction is planned to start this month, with the first townhomes planned for delivery in summer 2017.
Akridge sold the multifamily and retail component of The Preserve to Northwood Ravin, a joint venture between Northwood Investors and Ravin Partners LLC, in late June. CBRE‘s Multifamily Investment Property team, led by Nathan Barth and John Sheridan, represented Akridge in the transaction.
Despite giving up ownership, Akridge will still be involved in the project. “Akridge will continue to be involved with the creation of this community and will commence construction on all proffered road improvements later this month,” Svatos told MHN.
Construction on the first phase of the multifamily units is expected to start in late summer 2017, with delivery of the first residences and retail in late 2018.
“With the surrounding employment base, pristine natural setting, and the future Wegmans nearby, Preserve at Westfields is the ideal first step into the DC region for Northwood Ravin. We’re excited to carry forward the vision of creating a more sustainable live, work, play environment in Westfields,” said David Ravin, president & CEO of Northwood Ravin.
The multifamily development will include: contemporary floor plans with luxury finishes and amenities; a resort-style spa; a health club with equipment for yoga and Crossfit; resident co-working space; a pet run and spa; and retail shops.
The townhomes and apartments will be completed over the next three years.
Akridge and Northwood Ravin are also teaming up to develop a 10-story office tower in downtown Durham, N.C.
