FCRHA and Lincoln Avenue Communities to Partner on Housing Development in Tysons, Virginia

The Fairfax County Redevelopment and Housing Authority (FCRHA) announced today it has acquired a 1.73 acre property in Tysons, Virginia, and will partner with mission-driven affordable housing developer Lincoln Avenue Communities (LAC) to develop housing, non-residential space, and above ground parking on the site.

LAC identified and proposed the off-market acquisition of 8350 Leesburg Pike, which will provide up to 525 homes steps from the Greensboro Metro Station. The property is part of the previously approved Tysons Central development and is directly adjacent to the Greensboro Metro Station and the highly amenitized Boro district. Previous efforts to develop the property did not reach completion, creating an opportunity for FCRHA and LAC to bring hundreds of units to the site.

The acquisition occurred off-market via a proposal submitted by Lincoln Avenue Communities in response to the FCRHA’s Notice Of Funding Availability.

“We have been believers in Tysons for long time and have been actively looking for opportunities in this submarket,” said, Nick Bracco, LAC Vice President and Regional Project Partner. “When the pieces came together at Tysons Central, we saw it as a rare chance to secure one of the premier development sites in the region and bring much-needed affordable housing to Fairfax County.

Home to more than 4,600 businesses, four Fortune 500 companies and more than 92,000 employees, Tysons faces a critical shortage of affordable housing to accommodate the area’s rapidly growing workforce.

“FCRHA and our partner Lincoln Avenue Communities are catalyzing affordable housing for the area’s wide variety of workers on unused land in Tysons,” said FCRHA Chair Lenore Stanton. “We maximized taxpayer dollars by paying below market value for a great site, and we look forward to welcoming families home to this prime location near the economic opportunities of Tysons, transportation hubs and The Boro.”

While development plans are still being finalized, the site has previously approved entitlements for up to two residential towers with amenities such as rooftop space, fitness center, community rooms, ground-level retail and above-ground parking.

“Fairfax County is dedicated to increasing housing supply while reducing time and cost for qualifying projects,” said Jeff McKay, Chairman of the Fairfax County Board of Supervisors. “Thanks to partnership with the private sector, we are able to take advantage of this unique opportunity to catalyze affordable housing for Tysons area residents.”

Rent levels are yet to be determined, however, it is the goal of the FCRHA to create a housing opportunity that serves a diverse income spectrum of the Tysons workforce. The property is currently vacant, except for a small portion of an existing parking lot. It is bordered to the north by an existing office building and parking garage, to the east by a parking lot, to the south by an existing office and apartment building and to the west by Greensboro Station Place.

With the acquisition complete, LAC and FCRHA have commenced pre-development activities including continued site analysis, stakeholder outreach and financial assessment to ensure the development of a vibrant, high-quality housing community that serves the unique needs of the Tysons workforce. FCRHA has entered into an initial development agreement with LAC outlining the anticipated ground lease structure and development relationship. FCRHA will remain the fee owner of the site to ensure generations of affordability, consistent with FCRHA’s prior acquisition partnerships at the The Exchange at Spring Hill Station and Indigo at Mclean Station.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a presence in 32 states and a portfolio of 170+ properties comprising 30,500+ units housing 80,000+ residents.