With nearly 70 percent of the metro silver line phase I now complete many have questioned the lack of new construction in TOD zones, with the exception of Tysons West Promenade and the recently approved for construction and financing Georgelas Springhill Station Phase I. The lack of construction along Route 7 and Route 123, a debacle of wasted current market condition, does not mean Tysons Corner’s construction boom has ended. Taking a quick detour off the beaten path back to West Park Drive we find the newly renovated and impressive Hilton Hotel, work on going to the Kaiser Permanente building, a handful of two story office buildings vacated and ready for demolition, a thriving residence community of over 5000, the nearly completed 400 unit Avalon Park Crest midrise complex, and the freshly broken ground of Park Crest Building Two.
The Park Crest property has been steadily building new residences over the past 5 years, but since the Silver line metro phase I approval the community has all but sold its final condominium units, begun construction of the midrise Avalon, and now has begun excavation for Phase III, the new 19 story Park Crest II. Park Crest benefits from a previously approved site plan which has allowed the community to take advantage of the current market conditions which are the best for multi-family construction that this region has ever experienced. This approval has also avoided the need for endless analysis to occur over theoretical traffic impacts for the facility which has bogged and all but halted other projects directly in TOD districts.
The efficient sale of units in Park Crest One and occupancy of the lofts at Park Crest shows that a market is in place for both rental and ownership multi family and it appears Donohoe and Avalon are in great position to capture and dominate that market ahead of other projects which may be delayed 3 months, 1 year, or indefinitely. The key to the success of any new project in Tysons Corner will be striking while the iron is still hot, and avoiding the long lulls in development cycles that may occur if the Silver Line metro appears with no new developments at its doorstep.