More Rail-to-Dulles Real Estate Maneuvers

Republic Property Trust has agreed to acquire the Dulles Park Technology Center from Cornerstone Real Estate Advisors for approximately $48.3 million. The five-story, Class A office building fronts the Dulles Toll and is located within one city block of the proposed Route 28 Metrorail Station.

States the company in a press release: “Based on a preliminary analysis of existing and comprehensive plan zoning densities for the Metrorail Station areas, the company believes that, by combining the land areas of Dulles Park and [its adjacent Campus at Dulles Technology Center] properties, it can secure additional office and mixed-use development on the property. The company intends to pursue increased densities for the site.”

The promise of higher densities in proximity to a Metro station is a powerful combo, even if that promise is still uncertain and years in the future.

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4 responses to “More Rail-to-Dulles Real Estate Maneuvers”

  1. Anonymous Avatar

    But can Metro handle the extra capacity? With conservatives mounting scorched earth campaigns against WMATA every time funding increases are considered…I doubt it.

  2. Toomanytaxes Avatar

    Simple solution, make the developers pay cost-based impact fees (with a law change) or proffer the capital costs (under today’s laws) for expanding Metro’s capacity. The Virginia Supreme Court has held that a local jurisdiction has the authority to reject a proposed development that would overwhelm the existing public infrastructure when the developer refused to pay the requested cash proffer or otherwise address the infrastructure deficiencies.

    Wouldn’t that be better than another tax increase?

  3. Ray Hyde Avatar

    We haven’t heard the end of this yet. Here are a few paragraphs from a NYT article:

    “But a new front has opened in the battle against sprawl: cities. From Austin, Tex., to Palo Alto, Calif., from Washington, D.C., to Denver, clashes are unfolding between residents of older, low-density neighborhoods and alliances of planners, politicians and real estate companies that see those neighborhoods as prime locations for higher-density mixed-use projects.

    The debate centers around what, exactly, is the best way to grow. Supporters of such development — known as “infill” because it involves redeveloping existing neighborhoods — say higher-density land use in cities is one key to easing suburban sprawl, since it promotes more efficient use of land, energy and transportation.

    Opponents call it “vertical sprawl” — and argue that it brings many of the same problems to communities as traditional sprawl.”

    In Portland thate is now a backlash developing against auxiliary dwelling units or Mother in law apartments for which the council recently relaxed restrictions.

    The opponents are calling it, get this, “in city sprawl” and claim it will increas the reliance on autombiles.

    Go figure.

  4. Market Participant Avatar
    Market Participant

    I think this is a good thing.

    By building more office buildings next to metrorail station, you use less land. Compare that to building more isolated office buildings, which then need extra roads and parkinglots.

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