Rizer Discusses Loudoun’s Momentum at Bisnow Event
Loudoun County’s new developments and its future were heavily discussed at Bisnow’s “Walkable Communities, TOD & the Silver Line” event. Panelists and keynote speakers from United Bank, Walsh Colucci, Regency Centers and more joined Loudoun Economic Development Director Buddy Rizer to talk about the future of development in Loudoun and the Dulles corridor.
Much of the discussion centered around the Silver Line, which is set to open in Loudoun in 2018. Development has already started around the future rail stops, with Loudoun Station in Ashburn already renting luxury apartments and offering a variety of food and entertainment options in its mixed-use community. Moorefield Station is also under development, and has been approved for 9.2 million square feet of office space, along with residential, hotels, entertainment and retail.
When asked what the upcoming trends are for the area, Maggie Parker of Comstock Partners replied, “The Silver Line is the trend, and I cannot overstate the positive impact it has had on Loudoun.” Comstock is behind both Loudoun Station and its counterpart in Fairfax County, Reston Station. Parker was also asked to compare Comstock’s experiences in the neighboring counties. According to her, the development process for Loudoun Station and Reston Station were very different. Parker characterized the Fairfax project as high-cost redevelopment, while the Loudoun project was a lower-cost greenfield development.
This contrast is backed up by Rizer, who cites the county’s greenfield space and short time to market as two of the reasons that more developers are flocking to Loudoun, saying, “In Loudoun, we have the opportunity to react to deals, instead of having to fit people into what we already have.”
One deal that has residents excited is Loudoun County’s first Whole Foods, which will be at Belmont Chase in Ashburn. Devin Corini, who works for Regency Centers, Belmont Chase’s developer, told the audience that Loudoun has the right demographic for a retail center like this, which in addition to Whole Foods, will be anchored by Cooper’s Hawk Winery & Restaurant. Corini said, “In Loudoun County, the education levels are off the charts, so retailers want to be here.” In fact, Loudoun does have a higher-than-average number of residents with college degrees: Over 58%, compared with just 28% nationwide.
One thing the panelists seemed to agree on is that Metro coming to Loudoun means that the next several years will mark the county’s transformation from a bedroom community near D.C., to its own destination. More entertainment options are coming through mixed-use developments, giving residents more incentives to stay in Loudoun instead of going to neighboring communities.
Loudoun’s thriving agri-tourism industry is also attracting visitors and residents. Loudoun Economic Development’s Agricultural Business Development Officer, Kellie Hinkle, was specifically praised for her contribution to the growth of the farm winery and farm brewery industries in the county. Andrew Painter of Walsh Colucci added, “Loudoun’s rural economy adds revenue, value, and raises the county’s profile.”
Big things are happening in Loudoun. Developers’ confidence in the county is growing, and one thing is clear: Loudoun is the future of Northern Virginia.