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RESTON, VA-Trammell Crow Residential has purchased 8.5 acres at the 455-acre Reston Town Center from Terrabrook to build its new luxury multifamily community, Alexan Reston Town Center. The compound will offer an assortment of almost 700 residential dwellings and will also include a new 4,000-sf space for the Greater Reston Arts Center.

Designed by Vienna, VA’s The Lessard Architectural Group, the first rental residents will take occupancy in late 2003. That structure, called the North Building, will house 362 apartments in addition to 2,300-sf of retail space. The South Building will house residential space only and is expected to be complete in the summer of 2004. Both the North and South Buildings will be four stories high with underground parking lots and landscaped courtyards at the center of the figure-eight style structures. The arts center, which will have three-times the amount of space it currently occupies, is also scheduled for completion in 2004.

All plans are in place but Trammell Crow officials declined to elaborate on the price tag of the land, or just how much funding is required to complete ARTC. “We are deferring from talking about costs on this project,” Trammell Crow City Partner Chip Bay tells GlobeSt.com. Bay is also the Chairman of the Suburban Maryland Building Industry Association’s Multifamily Council. He adds that the current economic climate is not proving to be a discouragement for going forward with the project. “The site is in such an excellent location,” he says. “We’re not going to deliver units for 17 months. Besides that fact, we still think the location holds up.” Fairfax County’s Reston Town Center is just 18 miles outside of Washington, DC and runs along the Dulles Airport Toll Road. The city itself is considered the central “work, live and play” area of western Fairfax County. Bay continues, “We’re really excited about this location, which we think is a premiere–maybe the premiere–location in the market.”

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