Development Site Near Tysons’ The Boro Up for Grabs
By Keith Loria October 22, 2019 8:42 pm
reprints
Cushman & Wakefield (CWK) has been hired to market a long-term ground lease for the redevelopment of a 7.08-acre site located across the street from a major mixed-use development, The Boro, in Tysons, Va.
The site, at 2050 Chain Bridge Road, currently houses two Koons car dealerships, according to the brokerage firm. The dealership’s lease is up in 2024 and the owner hopes to find a taker for a new 99-year ground lease.
William Tyson, the area’s namesake, originally acquired the property in the mid-1800s, and a general store operated on the site until the mid-1960s. Today, the property is owned by an affiliate of the Caldow family, relatives of Tyson, via an entity named 1902 LLC & 2000 Chain Bridge Road, LLC.
The area is zoned for retail, hotel or office use, said Paul Collins, Cushman & Wakefield’s executive vice chairman. Though the owner would consider partnering with developers who are looking to rezone the site for mixed-use and residential uses with considerably more density.
The site is directly across from The Boro, the Meridian Group’s mixed-use development which will include 580,000 square feet of office space, 700 residential units and retail offerings including a Whole Foods and a movie theater.
“My guess is we will find a developer who wants to take it through the [rezoning] and think about a large development there,” Collins told Commercial Observer. “We think it will be something along the lines of what The Boro will be. A large office use, combined with residential and retail, so it’s live-work-play.”
There is also an adjacent site, also sized at 7.08 acres, available for-lease or for-sale. Cushman & Wakefield is not actively marketing the adjacent property, but the firm has been authorized to present it as available by the Caldow ownership.
The potential to combine the two sites marks a unique opportunity to undertake a large scale coordinated development at one of the best locations within the Tysons sub-market, Collins said. The site at 2050 Chain Bridge is situated at the southwest corner of Route 123 and Route 7, and is within walking distance to the Greensboro Metro.
“What’s unique is the size of this property, sitting at the crossroads of Tysons with the visibility that offers, you can’t just find something like that in this location,” he said. “It’s an open pallet. The county is really encouraging development here and you can propose a whole variety of uses.”
