(Updated at 4:15 p.m.) Developer Foulger-Pratt‘s unsolicited proposal to redevelop Bowman Towne Court in Reston has been scrapped, Fairfax County announced today.
In a termination letter, the developer cited “significantly higher construction costs and recent interest rate hikes” as the primary reason for ending the agreement. The team also stated that a 24% increase in the project’s overall costs would have delayed the completion of the site.
Developer Foulger-Pratt‘s unsolicited proposal to redevelop Bowman Towne Court in Reston is moving forward to the next phase of planning.
The Fairfax County Redevelopment and Housing Authority’s commissioners voted yesterday (Oct. 20) to approve an interim agreement with the developer for up to 350 affordable apartments and a 40,000-square-foot Reston Regional Library on the 2.9-acre property owned by FCRHA at the intersection of Bowman Towne Drive and Town Center Parkway.
For years, discussions have swirled around the possibility of developing the Bowman Towne Center and Reston Regional Library.
With the receipt of an unsolicited proposal to redevelop the property, Fairfax County is beginning to formalize plans to move forward with the project.
