LoudounTimes.com – 2/22/11 by Hannah Hager
After years of significant delays, McLean-based Miller and Smith and Japan’s Sekisui House Ltd., One Loudoun’s developers, announced Feb. 22 the official timeline of the project’s development and construction.
One Loudoun is planned as a town-center-style development on 358 acres at Route 7 and Loudoun County Parkway. The development was approved by the Loudoun supervisors on Jan. 16, 2007.
The development’s launch has not been without major stalls. Ground breaking for the site was in 2009 and the property’s commercial and retail buildings were to be built the same year. Residential units were expected at the end of 2010. However, the site remains barren.
Two months after the board approved the development in 2007, Goldman Sachs Commercial Mortgage Capital lent One Loudoun, LLC $125 million to fund the project, according to a March 21, 2007, deed of trust. Three years later in September 2010, One Loudoun went into foreclosure. The property went to auction on Sept. 28 and was sold to Bill May, the vice president of Miller & Smith, which is One Loudoun’s developer and the property’s note holder, for $35 million.
Miller and Smith entered into a joint venture with Sekisui House the next month. The companies announced at the time that the joint venture will bring the vision for One Loudoun to life and enable the project’s development to commence in the spring of 2011, starting with the planned Town Center and South Village residential areas.
Despite snafus in the construction’s initial time line, One Loudoun was the recipient of the “Smart Growth Award” from the Smart Growth Alliance, a consortium of the Chesapeake Bay Foundation, The Greater Washington Board of Trade, the Coalition for the Smarter Growth and the the Urban Land Institute.
The companies broke down the properties’ development into four phases:
South Village: Land preparation of 60-acres designated for 168 single-family homes, 146 townhomes, 39,000 square feet of retail and 124,000 square feet of office. Homebuilder, retail, and office leasing partners will be announced Spring 2011. Pre-home sales will be available as early as Fall 2011. Completed South Village scheduled for 2014.
North Village: Land preparation of 40-acres designated for 97 single-family homes, 28 townhomes and 500,000 square feet of office space. Office pad sales and leasing will be available through Cassidy Turley. Homebuilder partners will be announced Spring 2011. Pre-home sales will be available as early as Fall 2011. Completed North Village scheduled for 2016.
Downtown: Land preparation of 100-acres designated for 446 multi-family homes, 155 townhomes, 663,000 square feet of retail, three million square feet of office and 750 hotel rooms. Office pad sales and leasing will be available through Cassidy Turley. Retail leasing is now available through Potomac Development Group. The first phase is scheduled to be completed Spring 2013.
Community Center, Pool, Tennis Courts and Amphitheater: Land preparation and construction on 7-acres for a 10,000 square foot Community Center featuring a pool and tennis courts and a community-sized amphitheater. Completed Community Center and Amphitheater scheduled for 2013.