Clemente Development has proposed a massive $1.3 billion project in the DC suburb of Tysons Corner.
The DC Metro area is no stranger to breathtaking mixed-use developments, and we now have another one in the planning stages that could be a real game changer. Clemente Development has proposed a massive $1.3 billion project for a prime 7.4-acre parcel in the DC suburb of Tysons Corner.
The development has been dubbed The View at Tysons, and it certainly sounds like there will be plenty of the sight lines for this one. We’re talking about a 2.8-million-square foot, five-building project, and this is not just an ambitious goal that may never see the light of day. The company already has the property under contract, and $1 million has been invested in preplanning and design costs.
said Dan Clemente, chairman, and CEO of Clemente Development.
As for a project breakdown, Clemente has plans to hit all of the notes you would expect in an innovative mixed-use development. Plans call for nearly 530,000 square feet of office space, roughly 530,000 square feet of office space, a residential component that will include both apartments and luxury condominiums, a performing arts venue and a hotel.
“This is a very important site because it was originally designated as the model for Tysons. The initial developer who had the land under contract, [the Georgelas Group] did not go forward, because their contract was due to go to closing in 2008, and you know what happened in 2008,” Clemente continued.
The View at Tysons would be located on a parcel that’s right next to a DC Metro station, and that’s always a gigantic selling point for prospective residents in the area. The approval process is expected to take between 12 and 18 months, but Clemente is ready to hit the ground running once it receives the go-ahead.
This game-changing development would enter a crowded pipeline in the booming DC Metro area, but it’s becoming quite clear there’s an insatiable appetite for mixed-use projects near the nation’s capital. Among the other projects in the development stages are a $2 billion mixed-use project on the Potomac River known as The Wharf and the $1 billion transformations of a 66-acre portion of the historic Walter Reed medical campus into a vibrant mixed-use complex.