LOUDOUN, VA-With a lease in hand from Alamo Drafthouse Cinema, the developers of One Loudoun plan to break ground on phase one of the project this spring. Alamo inked a 34,000-square-foot lease with One Loudoun Holdings, LLC—a joint venture of Miller and Smith and North American Sekisui House—after months of negotiations, Bill May, VP of Miller and Smith, tells GlobeSt.com. “We have several other leases in the works as well,” he adds. “While we were working on the Alamo lease we were also working on others at the same time. We just focused on getting the Alamo done first.”
Now the company intends to start work on the Alamo building as well as two other buildings in the Central Plaza, which is the centerpiece of phase one. This will encompass between 150,00 square feet to 175,000 square feet. May didn’t have the development costs for phase one.
The company is expecting to close at least another 100,000 square feet of leases, from office, service and other retail tenants, including a restaurant. The two three-story buildings going up in addition to the cinema will hold a mix of these uses.
The project’s retail development partner, Potomac Development Group, is handling leasing. Tom Maskey, a principal of the company, tells GlobeSt.com that asking rates for the project are across the board, depending on the use and client. He declined to provide a range.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
