LOUDOUN, VA-Buchanan Partners has broken ground on the first phase of its 400-acre Arcola Center site here. Phase 1, which consists of installing the infrastructure for 250 condo and town homes on a 55-acre parcel called The Residences at Main Street, will run about $25 million in development costs, project manager Jimmy Roembke tells GlobeSt.com. Meanwhile the company is scouting for additional projects. “We started seeing competition for entitled residential land, especially in this area, pick up about six to 12 months ago,” he says. “The market has unquestionably entered a new cycle.”
NV Homes and RyanHomes will acquire the finished lots from Buchanan for this project, with an eye to begin building homes in the first quarter of 2012. Home deliveries are expected to begin in mid-2012. The Residences at Main Street has been approved for up to 870 residential units, which includes "stacked" condos that look like three-story town homes. Buchanan is also building Hutchinson Farm Parkway to access the new community.
Arcola Center will also include The Shops at Arcola Center, which could consist of as much as 600,000 square feet of retail space. Development plans for the retail component, though, are still being determined. “We have seen some increase in activity from retailers but it is still uncertain,” Roembke says. Buchanan was finalizing leases with several well-known national retailers when the economic downturn scuttled those plans.
Arcola Center is located at the juncture of Route 50, Route 606 and Loudoun County Parkway in the southeast part of the county.
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