Mixed-Use Site in Loudoun County, VA
Karchem's Role: Site Developer
Size: 277 acres Office 1.0 million SF
Retail 225,000 SF
Hotel 75,000 SF
Dwelling Units 800
Roads 21 acres
Budget: $10 million
Schedule: 2000 & 2002
For this international investment company, Karchem Properties developed a 277-acre site on Route 7 in eastern Loudoun County, VA. The office and retail components of the program have excellent visibility and access from Route 7 (Harry Byrd Highway), Ashburn Village Boulevard and Russell Branch Parkway.
The infrastructure improvements include 21 acres of roads, a storm water management facility, on and off site water and sewer wetland rehabilitation, access and signalization from Route 7, and landscaping.
When the original developer faltered, we prepared the total development budget $11 million to help Intertech understand its options relative to phasing development activities and its likely funding requirements. Karchem Properties' analysis was accepted by Intertech and became the basis of the Allfirst loan.
Merritt Properties purchased 20 acres for office development. Four buildings totaling 200,000 SF were completed in Phase 1 during 2003.
The residential component is 114 acres. In Phase 2, Richmond American Homes will build 300 single-family homes and townhouses. Fairfield homes will build the multi-family units.
Karchem Properties delivered the project on time and for $1million less than the original developer.