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 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 redevelopment of Downtown Herndon through a partnership between the Town of Herndon and Reston-based developer Comstock is temporarily on pause.
The project, which was expected to break ground nearly two years ago, could be on pause for up to two years, according to a statement in the town’s business community newsletter, published Wednesday afternoon (July 13). The town says the pause was the result of “increases in construction costs for the project.”
Recent Gun Violence Leaves D.C. Area on Edge — “In the D.C. area in recent days, two shootings in crowded public spaces — at the festival on U Street and at a Fairfax County mall — reinforced that no one is immune from violence. As a result, some area residents have begun to pull back. People have started to think twice before going to concerts and the mall.” [The Washington Post]
Tysons Software Company Lays Off 54 Workers — “ID.me Inc. has laid off dozens of employees following a period of rapid growth and just months after the Internal Revenue Service halted use of ID.me’s facial recognition technology…The company had expanded rapidly during the pandemic to keep up with growing demand at the time” [Washington Business Journal]
A groundbreaking date for downtown Herndon’s pending redevelopment has been as elusive as the regional transportation that’s intended to help activate it: the opening of phase two of the Silver Line.
Developer Comstock Companies is working with the town to transform 4.7 acres of land into a mixed-use town center with 273 residential apartments, 17,000 square feet of retail space, an arts center and a 726-space parking garage.
