Developers seeking an alternative to the increasingly built-up Greensboro Metro station might be looking one stop north.
Dominion Square, an 18-acre site adjacent to the Spring Hill Metro station, is for sale, as first reported by the Washington Business Journal. The site, which encompasses portions of two existing redevelopment plans, has already been approved for 3.6 million square feet of mixed-use development, according to a press release (below).
Newmark Knight Frank, a real estate advisory firm, has been selected to help market the site.
The land is currently occupied by auto showrooms and sale lots, including Sheehy Infiniti of Tysons, Honda of Tysons Corner, Priority Mazda and Priority Nissan. The dealerships currently have leases that can be terminated to make way for the development when the project is ready to start construction.
More from the press release:
Newmark Knight Frank (NKF) has announced it has been selected as the exclusive advisor for the sale of Dominion Square in Tysons, VA. The 18-acre site is located directly adjacent to the Spring Hill Metro Station, currently the first eastbound stop on the Silver Line.
The site is approved for 3.6 million square feet of mixed-use development, comprises three separate parcels and is unaffiliated with a specific developer. The property includes terminable leases for four existing car dealership sites, offering built-in income and flexibility allowing investors to react strategically to demand.
Dominion Square represents a once-in-a-generation opportunity to shape one of the DC metro area’s premier submarkets. Located at the intersection of the I-495 Beltway and the Dulles Toll Road, Tysons is a major economic and employment hub,” explained Mark Anstine, executive managing director of land services at NKF. “With the ongoing construction of the Silver Line slated to connect Dulles Airport to downtown Washington, DC in 2020, the area boasts a perfect combination of mass transit, new urbanized residential and retail development, drawing significant interest from regional and national companies.”
With approval now in place for more than 2 million square feet of office, 1.1 million square feet of residential, 185,000 square feet of retail and a 205,000-square-foot hotel, Dominion Square is poised to become an urbanized and amenitized scene where employees can live and play where they work. Since Tysons is the 12th largest office market in the United States headquartering numerous companies–including many of the Fortune 500, it boasts one of the country’s most highly-educated and diverse workforces.
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