Lennar Plans Paxton Luxury Apartments at Acquired Site in Tysons
By Keith Loria July 30, 2021 2:12 pm
reprints
LMC, a subsidiary of Lennar Corporation, has purchased a development site that will bring Paxton, a luxury mixed-use community, to Tysons, Va.
When built, the high-rise community will include 447 apartment homes and 14,713 square feet of retail space.
Neither the seller nor the price was disclosed.
“There has long been an imbalance in Tysons of residential options, creating a demand for multifamily,” Stuart Cain, LMC’s vice president of development, told Commercial Observer. “There are roughly 120,000 people who work in Tysons, but just over 20,000 who live there.”
Located at 1750 Chain Bridge Road, the property is situated within Scotts Run, which will include as much as 6.5 million square feet of mixed-use development when it’s completed.
Paxton will feature a range of apartment units, with such amenities as coworking space with a conference room and business center, a swimming pool, a gaming area and a fitness center.
The property is near the McLean Metro Station on the Silver Line; close to I-495, Dulles International and Ronald Reagan Washington National airports, and is in walking distance to more than 300,000 square feet of retail.
“With the focus on walkability and work and entertainment within walking distance, there is a strong demand for multifamily,” Cain said.
First move-ins at Paxton are slated for early 2024.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at kloria@commercialobserver.com.
