14-Acre Lot for Mixed-Use Redevelopment Hits the Market in Tysons, Va.
Caldows aim to develop some 2M-SF of residential, office and restaurant space
By Nick Trombola May 15, 2024 12:58 pm
reprints
A new massive, mixed-use development on a site once considered for a casino could soon be on its way to Tysons, Va.
CBRE (CBRE) is marketing a 14-acre site, at 2000-2500 Chain Bridge Road adjacent to Tysons’ Greensboro Metro station, in three separate parcels. Bisnow first reported the news.
The property is owned by an entity controlled by the Caldow family, per Fairfax County records. It’s currently home to the Koons auto dealership, which was established in 1975, though its lease is up this year.
The Caldows aim to develop some 2 million square feet of residential, office and restaurant space at the site, including a 108,000-square-foot Home Depot and a 28,000-square-foot Home Depot Garden Center, according to a marketing brochure for the site. The Caldows also hope to sell 2.3 acres adjacent to the Metro station and negotiate a ground lease for the remaining 7.1-acre parcel. Property records show the 7.1-acre portion at 2000 Chain Bridge Road sold to Home Depot for $30 million in January 2021.
Although the property is zoned for hotel, retail and office space, the owners plan to work with their new partners to rezone it to a PTC designation, or Planned Tysons Corner, which would also allow for residential uses and more density, per CBRE’s listing for the site.
Representatives for CBRE did not immediately respond to requests for comment. The Caldows could not immediately be reached for comment.
The owners have attempted to make something of the property since at least 2019. Cushman & Wakefield was retained to market it back then, but ultimately found no takers.
Reston, Va.-based Comstock Holding Companies filed a site-specific plan with Fairfax County in 2022 to build a casino in Tysons, with 2000-2500 Chain Bridge Road eyed as a potential location. The property is near the intersection of Chain Bridge Road and Leesburg Pike, also known as Route 123 and Route 7.
The proposal for the site was not pursued, though the Virginia State Senate breathed life into plans for the casino earlier this year when its Committee on General Laws and Technology approved a bill that paved the way for the development in Tysons Corner. Yet those hopes were dashed in February, at least for now, when the state Senate Appropriations Committee voted 13-2 against a bill that would have allowed Fairfax County to hold a referendum vote on building the casino.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
