The redevelopment of downtown Herndon by Reston-based developer Comstock has been officially been put on pause.
But Fairfax County’s commitment to provide $6.2 million remains unchanged, according to the county.
The plan would redevelop nearly 5 acres of land into a mixed-use project with 273 apartments and roughly 17,000 square feet of retail. An arts center and a 726-space parking garage are also part of the project.
“The market pause has delayed when those payments are expected to be made between the County and the Town due to the construction delays pushing out the previously mentioned payment triggers. The overall obligation remains in place for the County to provide those payments to the Town when those phases are met,” said Scott Sizer, catalytic development division manager of the Fairfax County Department of Economic initiatives.
The county offered two pledges for the public-private partnership. The first agreement of $1.2 million — approved in 2018 — kicks in when Comstock and the Town of Herndon have contributed at least $1.2 million in value for the construction work.
Sizer says that’s expected to happen after building construction begins.
The second agreement states that the county’s contribution of $5 million will happen after the first residential structure gets its first occupant. The payment — which will likely take place at the end of site construction and the beginning of operations of the apartments — will include annual payments over five years, Sizer said.
A spokesperson for Comstock told FFXnow that no timeline is currently available for when the project might begin.
The project, which was expected to break ground nearly two years ago, could be on pause for up to two years, the town stated in July.
The cost of the $101 million project increased by $25 million due to issues related to materials, labor, and workforce restrictions caused by the pandemic, according to town officials.
In addition to support from the county, Comstock will receive $2.5 million in fee reductions and $1.9 million in real estate tax breaks through an ordinance that was established after the town approved the project.
The project has been marred by delays since its inception. Groundbreaking was originally planned for December 2019.
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Date: Saturday, April 29, 2023