Why Reston's Hot
With the Silver Line extension and expanding national tenants like Fannie Mae and Bechtel, Reston Town Center is surging in NoVa. That's why we're excited to host The Future of Reston and Herdon on June 9 as part of our Neighborhood Series presented by United Bank.
Bechtel principal Charlene Wheeless, who'll be our keynote speaker (pictured here with daughters Jené, a rising Boston University senior, and Savannah, a rising sophomore at University of North Carolina) tells us her firm (which moved 625 employees from Maryland to Reston in 2012) is expanding its current footprint here by 175k SF at Boston Properties locations. “Reston is about more than just a place,” Charlene says. “It has a strong sense of community, and a vibrancy that meshes well with the fast-paced business culture." As part of the move, the engineering giant will relocate 700 jobs from its Fredrick, MD, operations, according to the Fairfax County EDA.
Also taking more space is Fannie Mae, which is leasing all of 12000 Sunrise Valley Dr (near the planned Silver Line station) from Brookfield. According to Reis, Reston's Q1 office vacancy rate clocked in at 12%, compared with 17.8% for the region (Sterling has the highest vacancy at 34%).
Akridge VP David Toney, also a speaker at our event, says his firm and RTC partnered to develop 1760 Reston Pkwy, a $210M, 420k SF trophy-class office tower that will change the local landscape. It'll be the tallest building at 330 feet, 115 feet higher than the next tallest in the Town Center. (You’ll see the building from Toll Road, and it will of course have stellar views.)
Herndon Mayor Lisa Merkel (pictured here with Reston founder Robert Simon) will highlight some of the other developments happening in this small, yet energetic neighborhood center at our event. Coming up on May 26, Herndon hopes to acquire a 1.7-acre parcel for $3.5M from Ashwell. The property has frontage on Elden and Center streets and would be a great corner for retail, and be zoned for mixed-use with an arts component, Lisa tells us. Another notable Herndon development: the rezoning of property at Elden and Monroe streets—a multifamily project developed by Tradition Homes with 15 urban townhomes, five condos and 5k SF of open retail on the ground floor that Lisa says should become a fast-casual eatery for the hungry bikers and walkers hitting the W&OD trail nearby.
Walsh Colucci Lubeley & Walsh's Andrew Painter, our zoning guru moderator, tells us he thinks Reston is at a pivotal time in its history and that the demand to live in Reston—and rent and lease rates—have never been higher. "We're already seeing positive effects from the Silver Line," he says, noting that Reston has enough unique attributes to allow it to effectively compete with Tysons. And we'll see that going forward, as his firm secured approvals to rejuvenate the 48-year-old Lake Anne Village Center, a plan that includes 1.17M SF of retail and office space and 732 new apartments. (It's also constructing the 420k SF trophy RTC building on Reston Parkway.) Please join us to hear more at our Future of Reston and Herndon event on June 9 as part of our Neighborhood Series presented by United Bank. Register here!
