Comstock Acquires Site For Reston Station Expansion For $60M, Plans 2023 Groundbreaking
Comstock is continuing its expansion of its Reston Station development with a new acquisition.
The developer purchased 8 acres of a mixed-use development site adjacent to its own Reston development, its publicly traded investing arm, Comstock Holding Cos., announced Tuesday. It bought the site from JBG Smith for $60M, according to the seller's first-quarter investor letter.
The new owner is already in discussions with retail tenants, and plans to commence construction in 2023, Comstock said in a press release.
The parcels Comstock acquired include a pair of three-story office buildings that were slated to be redeveloped, located at 1831 and 1861 Wiehle Ave.
Next door, JBG Smith is partnering with EYA, Knutson Homes and Chevy Chase Land Co. to develop Midline, a 1.8M SF mixed-use redevelopment just northeast of the Wiehle-Reston East Metro station.
Comstock said it is looking to develop the site "substantially in conformance with previously approved plans for Midline," while also looking into ways to connect the sites to Comstock's Reston Metro Plaza.
"This natural integration of additional surrounding areas into the Reston Station neighborhood will further enhance access to Reston’s only Metro Station and improve the neighborhood experience for all who live, work, and play in Reston," Comstock Chief Operating Officer Tim Steffan said in a statement.
Midline's developers are working to deliver at least 80 townhomes, part of a 115-townhome plan that also included additional multifamily when construction began in 2020.
The parcels acquired by Comstock are currently zoned for up to 100K SF of office, up to 1,000 multifamily units and some retail, a spokesperson for the developer confirmed. Comstock is still planning to include all three uses for the newly acquired property.
Comstock owns vast swaths of land on both sides of the Weihle-Reston East Metro station on the Silver Line, and as of January still had 60 acres available for development in the area. The developer acquired JBG Smith's Commerce Metro Center portfolio there in 2019, which includes 408K SF of existing office buildings plus up to 1.1M SF of entitlements.
Since then, plans have moved forward for a new, adjacent trophy office that will complement the existing Helmut Jahn-designed space across the Dulles Toll Road. Comstock has already delivered three office buildings, an apartment building and retail at Reston Station, and its plans could add more than 2.5M SF of further development in the area.
