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Despite delay, One Loudoun still expected to be massive
It may be another 18 months before buildings start sprouting up at the much-ballyhooed One Loudoun development in Ashburn.Given the go-ahead by the Board of Supervisors two years ago, construction at the large mixed-use community was supposed to get under way this fall. But the crisis in the credit markets and lingering work on road and other infrastructure improvements have delayed the construction. The new projected start date is late 2010.
“The credit crisis is affecting everyone,” said Bill May, vice president of Miller and Smith, one of the developers behind One Loudoun.
Given the recession, Supervisor Lori Waters (R-Broad Run), whose district includes the One Loudoun property, said she's not surprised the project is being put off by a year.
“I'm not troubled by this at all,” she said. “This is just a sign of the economy.”
Situated on 360 acres at Route 7 and the Loudoun County Parkway, One Loudoun is still slated to be massive. It will include nearly 1,000 homes, 700,000 square feet of shops and restaurants and 3 million square feet of office space. A movie theater is also planned for the community. The development also will be home to the World Trade Center Dulles Airport, which developers promise will generate 14,000 jobs some day.
An elementary school already has been built at the site. Work is ongoing to add an interchange at Route 7 and the Loudoun County Parkway, and another is planned for Route 7 and Ashburn Village Boulevard. The extension of Russell Branch Parkway through the site wrapped up last year.
Washington, D.C.-based Western Development Corp. is handling retail leases. No announcements have been made as yet on which, if any, tenants have been locked in. May said the company is looking for smaller, high-end shops and restaurants, similar to what's found at Reston Town Center. He said the development has room for only one “big-box” store.
On its Web site, Western lists Bloomingdale's and Nordstrom as clients it has worked with in the past.
"[Western] is doing really well in attracting interest from top-tier tenants," May said, without naming any prospects.
With most malls currently struggling to find retail tenants, May said the delay in work at One Loudoun is not entirely unwelcome news.
“Considering the current economic environment,” he said, “this is good timing.”
Contact the reporter at jjacks@timespapers.com
"The extension of Russell Branch Parkway through the site wrapped up last year." Huh? How is it wrapped up if its not open yet?
Posted by Anon
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