Month: March 2011

Julie Dillon Named Director of Marketing for One Loudoun Development

The following is the CityBizList post announcing our new Director of Marketing, Julie Dillon! Click the link to view the original article on CityBizList.com.

Julie Dillon will serve as the Director of Marketing for One Loudoun, a 358-acre master-planned community in Loudoun County.

One Loudoun is planned to have 1040 residential homes, 702,000 square feet of retail, a hotel and movie theater, three-million square feet of office space, a community center, and an amphitheater — all surrounded by approximately 150-acres of public land and miles of walking trails.

One Loudoun will also be home to the World Trade Center Dulles Airport, projected to generate up to 14,000 new jobs and serve as an economic development engine by promoting both international trade and domestic investment around the world.

Originally launched in 2007, One Loudoun has completed more than $30 million in public infrastructure including an elementary school and 16 lane miles of new roads.

Dillon will be the first-line leader for the overall marketing programs including the strategic research, development, advertising, public relations, and sales promotions for One Loudoun. In addition, Ms. Dillon will serve as a key liaison between the affiliated joint-venture partners and the local community.

Prior to joining Miller and Smith, Ms. Dillon served as Vice President, Sales and Marketing for EYA, Inc. and Director of Marketing for Van Metre Companies.

Commercial real estate roundup, 2/28/11

Original Article on VirginiaBusiness.com – 2/28/11

Optimism seems to be blooming like spring flowers with several new projects in the pipeline in Loudoun and Stafford Counties and Virginia Beach. This and other real estate news from around the state:

LOUDOUN COUNTY — Miller and Smith, a private, McLean-based developer, is teaming up with a Japanese company to build One Loudoun, a 358-acre mixed-use project. It’s designed to include 1,040 residential homes, 702,000 square feet of retail, a luxury hotel and movie theatre, 3 million square feet of office space, a community center and 150 acres of public land and walking trails. This is the first investment in the U.S. by Sekisui House Ltd., a public company based in Osaka. The partnership moves ahead a project that originally got under way in 2007. More than $30 million in infrastructure already has been completed. Construction will begin immediately on South Village, a 60-acre tract designated for 168 single-family homes, 146 town homes, 39,000 square feet of retail and 124,000 square feet of office. Site work also will get under way on Loudoun Downtown, a 100-acre parcel. One Loudoun also is the future home of World Trade Center Dulles Airport, a nonprofit membership group of the larger World Trade Centers Association, that would assist foreign companies locating in the region.

To read the complete article from VirginiaBusiness.com, click here.

Just One Piece of the Puzzle

Original Article on Bisnow.com – 2/24/11

Yesterday, while exploring the International Council of Shopping Centers show floor, we realized that National Harbor (where the conference took place) sets an example: No property type is an island. It’s all about mixing uses, as in the 358-acre One Loudoun that broke ground on Tuesday. (If Loudoun gets a giant underwater statue, then we’ll really be on to something.)

We snapped Potomac Development’s Jeff Parana and Miller and Smith’s Ed Podboy and Bill May. Miller and Smith is partnering with Japan-based homebuilder SEKISUI HOUSE (its first US investment) on the 5M SF One Loudoun community, which will house the World Trade Center Dulles Airport, bringing 14,000 jobs. The downtown portion (600 residences, 663k SF of retail, 3M SF of office and 750 hotel rooms) will deliver in 2013—Potomac was at ICSC to promote retail leasing. South Village (314 residence, 39k SF of retail, and 124k SF of office) will be complete in 2014 and North Village (500k SF office and 125 residential units) in 2016. Bill says the massive center—designed by Torti Gallas, The Eisen Group, and Miller and Smith—is shooting for LEED for Neighborhood Development. The JV has already completed $30M of infrastructure, like an elementary school and 16 miles of roads.

Greenberg Gibbons Commercial CEO Brian Gibbons showed us the site plan for the redevelopment of the Laurel Mall on Rte. 1 in Maryland. He says the $200M project (owned by Samara Capital, with AEW as equity partner) is in the conceptual stage, but the plan is to demolish everything except Macy’s, which will get a new facade, and the rear parking structure. Going up instead will be 575k SF of retail (including a movie theater) and 435 residential units—and maybe some office if there’s demand.

We also snapped Roadside Development co-founder Richard Lake (with his new love, his iPad), who tells us work is starting on the second phase (300k SF of retail) of NoVa’s Stonebridge at Potomac Town Center. It’s already got a 138k SF Wegmans and 65k SF of additional retail, and 500k SF of office is in the works. Roadside and BlackRock own another 22 acres there and plan a 140-key hotel, another 100k SF of office, and two retail pads. Richard tells us he’s also working on the $300M redevelopment of CityMarket at O, one block north of the convention center in the District’s Shaw neighborhood. Phase 1 will have 87k SF of retail (including a 72k SF new Giant grocery store that will re-create the experience of the site’s O Street Market, which was built in 1881), 400 apartments, and a 181-key hotel. Delivery is slated for 2014.

JBG Rosenfeld Retail principal Grant Ehat and leasing EVP Bob Schwenger say the firm just got site plan approval to demolish Moore Cadillac in Tysons Corner and replace it with 200k SF of retail (including a health club and grocer), costing $66M. It’s adjacent to the Sheraton JBG bought in December for $84.5M, and Grant tells us it’ll break ground in four months. Bob says activity is spiking in infill spaces across the firm’s 5M SF portfolio.

One Loudoun’s construction timeline announced

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.