Silver Line Boom: New Towers in McLean Get $59 Million Loan

The addition of Metro’s new Silver Line through McLean and Tysons Corner has helped the area continue to grow and urbanize in recent years, and a new real estate development project set to begin in the coming months will only further that growth.

LCOR — a fully-integrated real estate company specializing in property development, investment and management — announced this week it closed on a $59 million construction loan to build a new residential development site at 7480 Birdwood Ave. in McLean.

The project, which entails two 12- and 15-story residential buildings, will encompass 340,000 square feet, 319 residential units and 388 below-grade parking spaces. It is slated to be completed by early 2017, and it is only the first phase of the Commons of McLean Redevelopment Plan, which LCOR says is expected to add 2,500 residential units to the neighborhood when all is said and done.

“The influx of employment and addition of the Silver Line Metrorail station in Tysons has increased demand for housing in McLean,” Bill Hard, Executive Vice President of LCOR, said in a recent news release. “Residential buildings in this area have a 95 percent average occupancy rate. New developments have been met with strong demand, giving LCOR the ideal opportunity to provide much-needed housing for the growing community.”

LCOR will work with Hoar Construction as the general contractor on the project, and LEED Silver certification is an anticipated requirement for the project.

The residential units in these buildings will vary from studios to one- two- and three-bedroom units, as well as duplex features on the ground floor. Other features include carpeted bedrooms, vinyl wood plank flooring in the living areas and stainless steel appliances in the kitchen. The lot will also include an outdoor swimming pool, a fitness center, a game center, a kids room, a party space, bicycle storage, a dining room, a pet grooming station and a rooftop garden on the West tower for residents to enjoy.

According to LCOR’s release, the Tysons area is the 12th-largest employment center in the U.S., and Fairfax County anticipates that by 2050 the city’s population will have risen from 17,000 people to more than 100,000, with an immense workforce of more than 200,000 people, warranting more residential options in the coming years.