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Fairfax County, Comstock Partners Agree on Rent for Reston Station Development

Agreement 'clears the path' for all future development at Reston Station, adjacent to Wiehle-Reston East Metro station.

A conceptual drawing of development at Reston Station.
A conceptual drawing of development at Reston Station.
Fairfax County and Comstock Partners, the developer constructing the mixed-use Reston Station project adjacent to the Wiehle-Reston East Metro station have come to an agreement on rent for Reston Station, according to Washington Business Journal

Comstock will eventually pay the county $2.9 million per year, according to their agreement, a rate that will start one year after Silver Line operations commence. 

The Fairfax County Board of Supervisors came to an agreement with Comstock in June 2009, in which Comstock was allowed to construct a parking facility to serve the nearby Metrorail station, as well as lease the remainder of the land for private development, all on county-owned land. 

The lease stipulated that Comstock would pay the county $250,000 per year in rent, until one year after Metrorail operations commenced. Then a "fair market rate" would be determined for the future rent. 

The timetable for figuring out the rent amount has been sped up, since Comstock has announced they wish to begin construction on their 448 unit residential building at Reston Station this year, and say they will not be able to secure proper financing for that project until the rent rate is known. 

According to the county's staff report, "upon the recommendation of the County’s real estate advisors and after review of current market conditions, preliminary appraisals, and tax assessment data, staff have determined that an annual rental amount of $2.9 million is appropriate under the lease methodology."

Under the terms of the agreement, Comstock would be required to commence construction of a building by June 1 of this year, and to "diligently pursue construction thereafter."

Maggie Parker of Comstock said that the agreement "clears the path for all of the future development at Reston Station." A 326-foot tower crane is currently being installed to support the construction of the residential building. 

"The signature building on the site, a 350,000 SF office building designed by renowned architect Helmut Jahn is fully designed and in for permit. The balance of the buildings have been conceptually designed and delivery will follow in future phases," she said. "This partnership between the County and Comstock is very excited to be moving forward. Today's agreement represents the commitment of all parties to this project and its impact on the future of Reston and Fairfax County."

More information on Reston Station can be found at their website

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John Farrell January 29, 2014 at 08:49 AM
So why haven't there been any announcements of office space pre-leasing activity. Banks normally won't allow construct of an office building to start until 50% of the space is pre-leased. The silence doesn't bode well.

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