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Town Center Parking Lot May Be Developed

Boston Properties has bid to buy surface lot at New Dominion Drive. Is more mixed-use development next to Spectrum Center on the way?

The 4.5-acre undeveloped land Boston Properties is seeking to buy at Reston Town Center is the surface parking lot at Fountain Drive and New Dominion Drive, a commercial real estate source says.

That would make the parking area ripe for mixed-use redevelopment that may tie in with the planned major redevelopment at the adjacent Spectrum Center.

Read about those plans here.

The parking lot is currently owned by Beacon Capital Partners. According to a report from the CoStar Group, the 4.5-acre lot will sell for about $27 million ($6 million per acre).  

The parcel is commercially zoned for 250,000 square feet of office space. Boston Properties is evaluating a potential mixed-use development plan, which could include residential as well as commercial uses, CoStar said. 

Beacon owns the original potion of Reston Town Center that opened in 1990. Boston Properties owns and manages the newer part of RTC South of Market Street and is working on purchasing the Fountain Square buildings.

More:

Boston Properties Eyes Last Spot at Reston Town Center

Boston Properties Looking for RTC Purchase

Boston Properties Buying More of Reston

Boston Properties' Block 16 Eyes Late 2013 Opening

 

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Java Master February 20, 2013 at 05:13 AM
"Reston was Utopia?" When did that ever happen?
Java Master February 20, 2013 at 05:19 AM
If you don't like the "new" Reston, one can always vote with one's feet and move to an area more to your liking. Selling the house will be easy in this market. And I suspect that lots of people will do this.
JAK July 25, 2013 at 07:16 AM
Late reply, but I used to dwell on Ft. Myer Jenn G, and I for one know perfectly well what Rosslyn resembles, and you are correct in that we are not Rosslyn, as we possess over six times their population. Additionally, that is the entire point: Reston is NOT supposed to resemble it, but we are certainly headed down that path. RTC is a Rosslyn in the making (Already closing in on half the population of Rosslyn itself, and with the same boorish concept of businesses crammed into an even smaller area with not much else) and it's not good. Additionally, everyone I know says the same thing: Skyscraper after skyscraper is going up, and soon enough with metro and the increased density (To the tune of double our current population), it'll be worse in many ways. The whole reason most of us moved outside of the Beltway wasn't to emulate the inside of it. If you enjoy being able to see greenery and the sky without concrete jungle, then Reston has always been THAT place to call home, but it won't be for long if you and others shrug off density increase and overdone development issues. If you want that latter sort of lifestyle then stay in Arlington or Alexandria, because I laugh at those who move out here and expect for others to sudden change their concepts to accept foreign views. You don't see us moving eastward and demanding that Shirlington and Crystal City tear down their structures to support massive increases in open space (Although interestingly enough, Rosslyn is now actually trying to emulate Reston by digging out more free, open space, while we pursue their original folly, blinded by uninhibited growth), so the opposite shouldn't be done here either. Simple and plain.

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