FAIRFAX, VA—ThePeterson Companies and Brandywine RealtyTrust have formed a 50/50 joint venture to develop a300,000-square foot mixed-use town center development in Herndon,VA. Peterson will be the lead developer for theretail and entertainment components that will serve as an amenitybase for BrandywineRealty Trust'sexisting 1.86 million square feet of office buildings and thesurrounding community. Brandywine originallypurchased the land in 2012. The joint venture will seek a rezoningof the property and anticipates commencement of the development in2016.

“This is arguably one of the best mixed-use developmentopportunities in the Northern Virginia market and it is exactly thetype of project that we excel at creating,” says Taylor O.Chess, president of Retail for PetersonCompanies. “The new retail, dining and entertainmentofferings will also provide an attractive amenity base for thethousands of employees and residents in the surrounding officeparks and neighborhoods.”

The development is envisioned as a mixed-use town center that,at completion, will feature residential units perched abovehigh-quality retail and restaurants, entertainment uses which couldinclude a multi- screen movie theater or other types of destinationentertainment and high-end amenities including a lifestyle fitnesscenter. Pedestrian friendly streets, outdoor seating and year-roundevents and programming will create a true sense of place.