Market conditions remain unfavorable for the redevelopment of Downtown Herndon, a public-private partnership that is led by developer Comstock and the town.
At a Herndon Town Council meeting earlier this month, Town Manager Bill Ashton II said Comstock remains committed to pausing the development for up to two years. Currently, Comstock is unable to approve financing for the project and conditions remain economically unfavorable for the project to proceed.
The redevelopment seeks to transform five acres of land into a mixed-use project. The cost of the $101 million project increased by $25 million due to materials, labor, and workforce restrictions caused by the pandemic. It’s unclear what the current estimate is.
Comstock announced the project pause in mid-July.
“They want to be ready to go the moment they think the economy is right for them to move,” Ashton said at the Oct. 11 meeting.
He said Comstock stands to lose money on the deal if they proceed as is. Ashton also emphasized that town officials meet biweekly with Comstock for status updates on the project.
Ashton noted that the redevelopment project is governed under the Virginia Public-Private Education Facilities and Infrastructure Act of 2002, bringing different conditions and requirements from a typical design-build contract.
The town’s comprehensive agreement with Comstock was amended in 2020. Ashton II said the agreement contains protections that would kick in if the project does not proceed.
“If nothing is happening within two years, the deal could unwind,” Ashton said.
Good Friday evening! Today we published 8 articles that were read a total of 10957 times on FFXnow alone, so far. 📈 Top stories The following are the most-read articles…
A 17-year veteran of the Fairfax County Fire and Rescue Department has been arrested for allegedly stealing drugs stored at two stations for her personal use, police announced today (Friday)….
A total of six new Capital Bikeshare stations may soon arrive around the Innovation Center Metro station. The Fairfax County Department of Transportation will host a meeting this coming Wednesday…
Tysons Corner Center can move forward with new plans for its next phase of development. After a public hearing on Tuesday (Sept. 26), the Fairfax County Board of Supervisors approved…
Public invited: “Fur-th Birthday” brunch celebration for Woofie’s of South Riding-Aldie, Sunday, October 8 at The Lazy Dog Restaurant & Bar
Woofie’s of South Riding-Aldie, providing premium mobile pet services throughout Aldie, Middleburg, South Riding is celebrating its fourth anniversary with expansion to Centreville and Chantilly and its fourth Woofie’s pet grooming van. The franchise, owned and operated by Loudoun County residents, husband/wife team Sebaot Gebre and Teferi Dejene, has grown by 900% since its first full year in business.
• Mobile pet spa grooming
• Dog walking
• Pet sitting
• In-home or overnight pet sitting
• Customizable services
If you have been thinking about buying your first home or haven’t owned one in the last three years, THIS IS FOR YOU!
In the DMV area, it can be difficult to save the downpayment necessary for you to get into your own home. We have a solution. The Funder’s Summit!
We have assembled a summit with different municipalities to tell you how to access their funds for your home purchase.
We invite you to join us at STEAMOLOGY’s annual FREE STEM Fest for elementary and middle school students, taking place on Saturday, October 14th at South County High School, 8501 Silverbrook Rd, Lorton, VA 22079.
STEM Fest is an exciting