New joint venture launches billion-dollar buildout for transit-oriented development

Washington, DC — A new joint venture between Chicago-based Origami Capital Partners and an affiliate of Westport, CT-based Greenfield Partners has launched development of an 85-acre site on Metrorail’s Silver Line less than one mile from Washington Dulles International Airport. The Hub, formerly known as Dulles World Center (DWC), is slated for a billion-dollar buildout to become an iconic, 24-hour mixed-use gateway combining retail, entertainment, multi-family residential, office, and hotel uses. The Hub is strategically located at the intersection of the Dulles Toll Rd. and the Rte. 28 Technology Corridor, adjacent to the future Innovation Center Metro station, which is scheduled to open in 2019-2020. The property is approved for up to 5.5 million s/f of density including 400,000 s/f of retail space, 1,265 multifamily residential units, 3.5 million s/f of office space, and 350 hotel rooms. The Hub is the largest approved contiguous development site on Metro’s Silver Line. Aspiring to build on the success of nearby Reston Town Center, The Hub’s new ownership will provide developers the opportunity to purchase land bays approved for office, retail, multifamily and hotel development. A partially protected 20-acre land bay on The Hub’s western border is suitable for a secured, contained Federal campus with up to one million s/f of office space. For hotel guests, the airport will be just one Metro stop or a nine-minute shuttle ride away. “This is a phenomenal location, just minutes to the airport, which will be visible from The Hub’s new buildings,” said David Bennion, ownership representative. “We envision taller buildings, with spectacular architecture, that will create an exciting environment of innovation, culture, community, and activity.” “Highly visible signage, walkable amenities, access to Metro, and LEED certification will be appealing to companies looking to attract and retain talented employees,” said office leasing consultant Andy Klaff, executive managing director of Newmark Grubb Knight Frank (NGKF). The Hub’s focal point will be a central promenade including outdoor recreation, retail, and entertainment space. One level of retail will open to a landscaped outdoor plaza with water features, while a lower level will face the commercial buildings’ street-level stores. The Hub’s lead retail consultant, NGKF executive vice president Mitchell Friedel, said that The Hub’s retail amenities will be anchored by up to a dozen full-service restaurants, along with at least one significant entertainment venue that will drive customer traffic during both day and evening hours. The ownership group has invested significant capital in two nearly completed transportation improvements that will open The Hub to development: realignment of Innovation Avenue to provide for a town center-style grid within the site, and a new Innovation Avenue interchange at Rte. 28. The Hub’s site plan calls for high-rise office and/or hotel construction closest to Dulles Toll Rd., transitioning northward to the central promenade, with mid-rise residential structures closest to the northern perimeter along Innovation Avenue.n

#LEED #OrigamiCapitalPartners #GreenfieldPartners #NGKF #TheHub