Comstock Expands Reston Station with Latest Acquisition

Rhea-AI Summary

Comstock Holding Companies (Nasdaq: CHCI) announced the acquisition of approximately 8 acres within the Midline development at Reston Station, marking a strategic expansion of nearly 80 acres. This site is intended for a mix of office, residential, and retail uses, with development plans set to begin in 2023. The acquisition includes the demolition of two office buildings to enhance connectivity to Reston's Metro Plaza. The larger Midline project features 1.8 million square feet of mixed-use space, emphasizing community amenities and open spaces.

Positive

• Strategic acquisition of 8 acres in Midline development enhances Reston Station's residential and retail offerings.
• Plans for a mix of uses (office, residential, retail) aim to complement existing townhome and multifamily developments.
• Development expected to begin in 2023, indicating potential for future revenue growth.
• Approximately 30% of Midline will be preserved as open space, enhancing neighborhood appeal.

Negative

• None.

Reston Station Neighborhood Now Spans Nearly 80 Acres

RESTON, Va., Aug. 30, 2022 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading developer, investor, and asset manager of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today the acquisition of approximately 8 acres of the Midline development at Reston Station (“Midline”) on behalf of Comstock Partners, LC, an affiliated, privately-held company. Located on the east side of Wiehle Avenue stretching from Sunset Hills Road to the Dulles Toll Road in Reston, Virginia, Midline includes a mix of residential offerings marketed as Midline @ Reston Station and The Townhomes @ Reston Station.

The 8 acres acquired represent the largest portion of undeveloped acreage included in the Midline development. Two 3-story office buildings that were previously occupied by a mix of tenants, including Northern Virginia Community College, will be demolished to make way for the redevelopment of the portion of Midline that has frontage on Wiehle Avenue. The Company is currently exploring options for developing the site substantially in conformance with previously approved plans for Midline and is focusing on enhancing connectivity to Comstock’s Reston Metro Plaza. Comstock’s leasing team is in early discussions with several potential retail anchors, with plans to commence development in 2023.

“Our plans for the acquired portion of Midline include a mix of uses, including office, residential, and retail, to compliment the recently built townhome and multifamily sections of the community,” commented Timothy Steffan, COO of Comstock. “This natural integration of additional surrounding areas into the Reston Station neighborhood will further enhance access to Reston’s only Metro Station and improve the neighborhood experience for all who live, work, and play in Reston.”

Midline at Reston Station is a 1.8 million square-foot mixed-use development, with 1.2 million square feet of residential, 260,000 square feet of office, and 250,000 square feet of retail planned. Initial phases were recently completed including townhouses, condominiums, and apartments developed between JBG Smith, EYA, Knutson Homes, and Chevy Chase Land Company. Nearly 30% of Midline will be preserved as open space for dog parks, play areas for children and other public amenities and outdoor spaces.

About Reston Station

Covering nearly 80 acres, spanning the Dulles Toll Road, and surrounding the Wiehle Reston-East Metro Station on Metro's Silver Line, Reston Station is one of the largest mixed-use, transit-oriented developments in the mid-Atlantic region. Strategically located midway between Tysons Corner, Virginia and Dulles International Airport, Reston Station is home to the first Helmut Jahn designed building in Virginia. An iconic JW Marriott is now under construction that will feature 250 rooms, 100 JW branded luxury condominiums, and 15,000 square feet of state-of-the-art conference and event space. World-class service, unrivaled social and fitness amenity spaces, and exciting restaurants will set a new standard for luxury hotels in the Washington, D.C. region. The New Remarkable®, Reston Station, is home to corporate and regional headquarters of Google, ICF Global, Spotify, Qualtrics, Rolls-Royce of North America, Neustar and others. Dining options include Founding Farmers, Starbucks, Matchbox, Big Buns Burgers, SweatLeaf, and Davio’s Northern Italian Steakhouse, with more coming soon. Retailers such as CVS and Scissors & Scotch provide additional conveniences for residents, office workforces, and commuters alike, as will a 50,000 square foot VIDA Fitness flagship facility currently slated to open in 2024. With dedicated community spaces and inspiring public art, Reston Station brings people together to enjoy social events that include fitness classes, live music, outdoor movies, and sporting events broadcast on the region’s largest outdoor digital screen. Comstock’s commitment to creating exciting spaces and providing world-class services to create an elevated experience for all has earned Reston Station its reputation as the New Remarkable® place to live, work, and play.

For more information, please visit www.Comstock.com and www.RestonStation.com.

About Comstock

Founded in 1985, Comstock is a leading developer, investor, and asset manager of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio comprising approximately 10 million square feet of transit-oriented and mixed-use properties, including stabilized and development assets strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in the fastest growing segments of one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments.

For more information, please visit www.Comstock.com.

Comstock Media Contact
Shanna Wilson
swilson@comstockcompanies.com
917-674-3096

FAQ

What is the size of the new acquisition by Comstock Holding Companies?

Comstock acquired approximately 8 acres as part of the Midline development at Reston Station.

What are the development plans for the acquired land at Reston Station?

The plans include a mix of office, residential, and retail spaces with development expected to commence in 2023.

What is the significance of the Midline development?

Midline is a 1.8 million square-foot mixed-use development that enhances the Reston Station neighborhood's connectivity and amenities.

How does this acquisition affect Comstock's position in the market?

This acquisition strengthens Comstock's portfolio and market presence in the growing and strategically located Reston area.