One Loudoun Developer Looks To Swap Planned Office For Residential
The One Loudoun development could welcome a host of new residential space following Loudoun County's Comprehensive Plan revision last year.
Retail Properties of America is seeking to switch planned office space to multifamily on a 76-acre portion of the 360-acre One Loudoun development, the Washington Business Journal reports.
The developer did not say exactly how much residential it plans to add at One Loudoun, but it has the potential to roughly triple the amount of housing at the project. Loudoun County's adoption of a new comprehensive plan last year increased the cap on residential space at the development from about 20% to nearly 60% because of its proximity to a future Metro station.
The 76-acre parcel RPAI is eyeing for more residential sits on the northern portion of One Loudoun. The developer in 2016 paid $163M to acquire the downtown retail portion of One Loudoun, and in 2018 it signed a lease with Trader Joe's at the project, Loudoun's first. The development also features Alamo Drafthouse, Barnes & Noble and several restaurants.
The project, at the intersection of the Loudoun County Parkway and Route 7, sits near a future Silver Line Phase 2 station. The Metro extension had been planned to open in Loudoun County this year, but its expected opening has been pushed back to spring 2021 at the earliest. Loudoun leaders hope the opening of the Metro will help draw more people to live and work in the county.
RPAI is not the only developer adding residential space to Loudoun County projects. Peterson Cos. filed plans last month to build 526 units at the Commonwealth Center project, anchored by iFly and Topgolf, across Loudoun County Parkway from One Loudoun.
