Silver Line Already Spurring Massive Development
In anticipation of the Silver Line, nearly twenty development projects, with an estimated value of more than $18 billion, are underway near the Metrorail stations, helping attract riders and generating valuable benefits for Fairfax County.
Ahead of the Silver Line, many development projects are underway around the new stations. Image from Cushman and Wakefield, click link at left for full report.
In a new report, the real estate firm Cushman & Wakefield documented twenty real estate development projects “in the pipeline” near the five new Silver Line stations. Some are under construction now, others are in the approvals process, and a few are on hold, but together they total:
- Over 20 million sq. ft. of new office space, which would increase the total office space in the Tysons area by 40%.
- Over 2 million sq. ft. of new retail space. That’s more than twice the size of the Tysons Galleria mall.
- 17,800 new residential units, or more than double the current population of the Tysons area.
- 9,300 hotel rooms
Metro estimates that these projects are valued at more than $18 billion, and will generate millions per year in tax revenue for Fairfax County (estimated using industry-standard construction costs). Some of this tax revenue will be captured by special tax districts in the Tysons and Silver Line areas. In 2011, we estimated that Fairfax County received around $30 million in tax revenues from properties within a half-mile of its five existing non-Silver stations.
The development brings great benefits to Fairfax County and will encourage riders to use the Silver Line, but there remains a strong need to improve the walking and biking environment near the new stations. Pedestrian and bicycle access will be key to meeting our ridership goals for the new Metrorail line, but walking and bicycling conditions remain challenging in the area.
Recent Comments