McLEAN, VA—LCOR has secured a $59 million construction loan from Santander Bank for a residential development that will be located at 7480 Birdwood Ave.
The project, which slated to deliver in the first quarter of 2017, will be the first phase of a multi-faceted development plan that will eventually add 2,500 residential units to the neighborhood. Specifically, it will be phase one of the Commons of McLean Redevelopment Plan.
LCOR plans to redevelop the land into two buildings -- one 12 stories and the other 15 stories -- that will be connected by a central Sky Bridge. The 340,000-square foot project will have 11,000 square-feet of amenity space, 319 residential units, of which 64 units will be reserved for workforce dwelling units, and 388 below grade parking spaces.
The strong employment rate and addition of the Silver Line Metrorail station in Tysons has increased demand for housing in McLean, according to Bill Hard, EVP of LCOR. "Residential buildings in this area have a 95% average occupancy rate," he says in a prepared statement.
Hoar Construction is the general contractor for the project, which is being designed to secure LEED Silver certification.
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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.
