New Developments, Mall Refinancing And Data Center Zoning: The Latest In Fairfax County
1. Earlier this month, Penzance sold a 4.3-acre site on the Dulles Toll Road in Fairfax County to San Diego-based Fairfield Residential. The site, which was home to a 1980s-era office complex next to the new Herndon Metro station, is planned to be transformed into an eight-story, 400-unit residential building with 5K SF of retail. Fairfield Residential paid $18.25M for the site, and the project is expected to cost $142M.
2. Also this month, Macerich, the owner of Tysons Corner Center, secured $710M to refinance the 1.8M SF shopping mall. With this additional funding, the center’s debt will be turned into a CMBS loan with a 6.6% fixed interest rate and interest-only payments throughout its five-year term. The owner is in the process of redeveloping the site of the former Lord & Taylor, which shut down in 2020. The Fairfax County Board of Supervisors approved the company’s plans for the site in September, including a mix of office, retail and possibly residential.
3. Earlier this week, the Washington Business Journal reported that electric vehicle manufacturer Rivian Automotive Inc., which produces Amazon’s electric delivery fleet, is considering choosing Fairfax County for its first Northern Virginia service center. The WBJ reported that Lynne Strobel, a land use attorney with Walsh, Colucci, Lubeley & Walsh, submitted a letter on Dec. 8 to county zoning staff saying that Rivian “proposes to open a service center in Fairfax County on a property zoned to the I-5 [industrial] District.”
4. In January, Virginia lawmakers Sen. Dave Marsden and Del. Wren Williams filed identical bills to add Fairfax County to the small list of Virginia areas authorized to build a casino. While the legislation was withdrawn, it has led to a great deal of discussion about the possibility of a casino in the area. In early December, the Vienna Town Council amended its 2024 legislative agenda to oppose a casino in Fairfax County, including a line saying, “The Town of Vienna opposes any action to establish, or facilitate the establishment of, any gambling casino in Fairfax County.”
5. In October, Fairfax County staff presented options for amending both the zoning ordinance and the comprehensive plan in an effort to reevaluate how the area regulates data centers. The amendments are related to the location and approval process, noise, water quality, facades and more. Neighboring Prince William County on Wednesday approved the contentious zoning plan for a massive new data center hub that could help it surpass industry leader Loudoun County.
6. The Arlington Partnership for Affordable Housing and its partners held a ribbon-cutting ceremony in August for Oakwood Meadow Senior Residences on the site of a former stormwater retention pond in Fairfax County. This affordable housing development features one- and two-bedroom apartments for residents 62 and older who earn between 30% and 60% of the area median income.
