45 Million SF of Development Planned for Densifying D.C. Suburb
An ambitious four-decade vision of transforming auto-oriented Tysons Corner into vibrant, walkable Tysons seems to be rolling out according to plan just five years after it was approved. Jonathan O'Connell takes a close look at the the development pipeline around four new Tysons subway stations: McLean, Tysons Corner, Greensboro and Spring Hill.
"Investors are putting up money to erect all types of buildings near the new stations. Although there were few high-rise residential buildings built in Tysons before construction began on the Silver Line, about 2,185 rental apartments have been recently completed or are under construction near the four stations now," he notes. "New office buildings are also being built, with companies from the District, McLean and elsewhere lined up to move in."
"Millennials seeking lively, walkable environments are driving investment firms to pour huge dollars into Tysons, said Paula Munger, managing director of research at Cushman."
“I think they’re sold on transit-oriented development,” Munger said. “They’ve seen it work in other places. It’s a global trend. It’s shown no signs of letting up.”