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LCOR Receives Unanimous Approval for Rezoning of The Commons of McLean in Tysons Corner

06/25/2013

Fairfax County Board of Supervisors approve LCOR’s plans for rezoning and development of The Commons’ North Parcel following a vote of approval from the county planning commission

McLean, VA - LCOR, a fully-integrated real estate company specializing in property development, investment and management, has received a unanimous vote of approval for the rezoning and plan for first phase of development of The Commons of McLean from the Fairfax County Board of Supervisors − along with the unanimous support of the County Planning Commission. With this approval, LCOR plans to redevelop the North Parcel of The Commons, at the intersection of Anderson Road and Chain Bridge Road, into a vibrant transit-oriented community incorporating new residential and retail space.

“The Commons redevelopment plan carefully encompasses modern urban elements with traditional suburban character, creating a dynamic balance for a successful smart growth community,” said Bill Hard, Executive Vice President of LCOR.“As Fairfax County looks to the future of Tysons, we are pleased to be collaboratively involved with county officials, as well as residents, to build a plan for The Commons that supports the future of this transit-oriented neighborhood, while also addressing the community’s needs. With decades of experience in transit-oriented development, we are looking forward to applying our expertise to help shape the next chapter of Tysons.”

In conjunction with the development of the new Metrorail Silver Line, Fairfax County and the Board of Supervisors have adopted LCOR’s comprehensive plan as one of the new communities that will transform Tysons into a transit-oriented, walkable, urban center. The plan provides up-zoning for The Commons’ North Parcel, which is approximately 21 acres. The new zoning will allow LCOR to redevelop the land, adding up to 2,500 residential units, approximately 50,000 sq. ft. of street level retail space and centralized parks.

LCOR’s redevelopment plan takes into consideration comments and feedback from the local community, County staff and officials and current residents, and includes seven mid- and high-rise residential buildings ranging from six to 23-stories. Ultimately, each phase of development will be reviewed and adjusted over the years according to the market demand and community needs within Fairfax County.  

Now that the final step in the rezoning process has concluded, LCOR will pursue site plan approval and building permit issuance for the first phase of development. LCOR anticipates that construction will begin on Phase I in the second half of 2014.

LCOR owns and manages The Commons of McLean, which includes 577 garden-style apartments, with a mix of one-, two-, and three-, and four-bedroom homes. The property, which is currently 94 percent occupied, is situated approximately one-third of a mile from the soon-to-be-opened Tysons McLean Metro Station.

LCOR holds a long-standing reputation as a leader in transit-oriented development throughout the East Coast. Some of LCOR’s recent projects include North Bethesda Center in Bethesda, Md.; Gaslight Commons in South Orange, NJ and the Bank Street Commons in White Plains, NY. With a wide-range of past experience in transit-oriented and mixed-use development and expertise in the Metro Washington DC-area market, LCOR understands and recognizes the high demand for walkable, multiuse neighborhoods in prime locations such as Tysons.

Tysons houses one quarter of all office space and one eighth of all retail space within Fairfax County and is the twelfth largest office/retail concentration in the country. Only a short train ride from Washington, DC, Tysons is being developed into a more urban, transit-oriented city that is pedestrian friendly and serves as a live, work play environment for residents of Fairfax County.

About LCOR

LCORis a fully integrated real estate company with a mission to create better places to live, learn, work, travel and play.  In 2012 LCOR recapitalized the company with the California State Teacher’s Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth.  LCOR specializes in core urban development and acquisition / redevelopment opportunities where assets can be repositioned or rehabilitated to add value.  The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR’s real estate operating and development business manages approximately 8,000 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets.  Nationally, LCOR has developed more than 21,000 residential units and 18+ million square feet of commercial space.  LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.

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06/24/2013 - 16:51

Source

LCOR - DC Metro Office

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