Commuting from Tysons Corner to D.C. will become a far easier option later this month when Metro launches the first phase of its long-awaited Silver Line, slated for July 26, and one South Carolina developer has positioned itself to benefit from the new rail service.
Charleston-based Greystar plans to start work soon on a 34-story high-rise near the Silver Line’s Spring Hill Metro station to be called Elan Tysons West after acquiring the development site earlier this month from a a joint venture including The Georgelas Group LLC. The 400-unit high-rise, with about 6,500 square feet of ground-floor retail, is just one of several parcels Georgelas took through the Fairfax County entitlement process.
Terms of the sale of the roughly .8-acre property were not disclosed, but Georgelas acquired the land after Georgelas split it from a larger 1.8-acre site preceding Greystar’s purchase, said Gerry Trainor, executive managing partner with Transwestern’s Institutional Commercial Group. Transwestern represented the group that sold the 1.8-acre site to GDM Spring Hill Station LLC, the joint venture including Georgelas, T-Rex Capital Group LLC and Dierman Realty Group LLC that sold the smaller .8-acre site by Route 7 and Tyco Road to Greystar. Transwestern was not part of that second sale.
Representatives from Greystar could not be reached for comment. Georgelas Managing Partner Aaron Georgelas declined to comment citing nondisclosure agreements. Georgelas previously talked with me about the project in February 2013, at which point he had hoped to break ground by the end of 2013 or early this year. The project is one of seven planned towers Georgelas plans to build as part of the 7.8 million-square-foot Spring Hill Station development. Georgelas has had a contract to sell the development site to Greystar for about two years. Greystar previously bought the site of another Spring Hill Station residential tower, with about 404 units, for $24.2 million.Read the full story from the Washington Business Journal.