ARA to put three large land tracts on the market in Northern Virginia
The McLean-based office of ARA, a NewMark company, says it is putting three large undeveloped land parcels on the market.
Their locations alone bring multiple opportunities for development, said Mark Anstine, executive managing director, land services, for ARA.
One parcel, the 67-acre Hunter Mill assemblage, represents the last undeveloped large tract on the Dulles Toll Road. It’s located on the north side of the road at its intersection with Hunter Mill Road. The site consists of a 46- and 22-acre tract that is being offered separately for sale but could also be purchased together.
Also hitting the market is the 168-acre Reston National Golf Course and The Hub, a parcel zoned for mixed use at the far end of the Dulles Toll Road. Anstine describes this parcel as the largest undeveloped property with approved zoning served by a Metro station in the entire mid-Atlantic.
According to Anstine, the Hunter Mill tracts and The Hub “have been aggressively chased by the development community for the last 10 to 15 years, and we are now bringing both of them to the market for the first time.”
The Hunter Mill assemblage was a privately owned family property for years. At one time, the family ran a school and a golf range at the site. Anstine says his company is representing the current owners, a group of three private lenders who foreclosed on the property.
He describes the site as “the hole in the donut. It lies directly between Reston Town Center and Tysons, and everything else is developed on both sides of the toll road.” General Dynamics is moving its headquarters to a new 190,000-square-foot building that will be constructed to the west of the tract, which is expected to prompt the realignment of nearby Sunset Hills Road.
The Wiehle Avenue Metro Station, 1.3 miles away on the Silver line expansion to Washington Dulles International airport, is another plus for the property, which is
currently zoned for residential.
Anstine expects broad interest for the assemblage, although the tract would need to be rezoned for some developments. “We expect interest from residential homebuilders, some mixed-use, multifamily … The properties are highly visible. The eastern portion sets up perfect for a large-scale church or school. There are very few opportunities for a group like that to have a high-profile property. The Mormon Church bought some property across the street,” he said.
The Reston National Golf Course,will be sold “as is, or for future development by the purchaser,” said Anstine.
The Hub, also on the Dulles Toll road, is closer to the airport. At this site, more than 80 acres have been approved for 3.5 million square feet of office space, 1,254 residential units, a 350-room hotel and 400,000 square feet of retail and entertainment.
The land, said Anstine, owned by a Chicago-based venture group, Origami Capital Partners, is worth “hundreds of millions of dollars.”