News and notes from Reston (tm).

Wednesday, December 19, 2012

Everything's Coming Up Bollards: JBG Buys Another Reston Apartment Complex

Charter Oaksoploy.jpegWe know what Reston's getting for Christmas: more bollardy goodness! JBG, owner of the soon-to-be-redeveloped Fairway Apartments complex, apparently rolled double ones on the Reston Monopoly board and has purchased Charter Oak, the garden apartment complex closest to Park Place Fairway on North Shore Road. Give us some good blockquote, BFFs at Patch:

Charter Oak is a 262-unit complex off of North Shore Road near Lake Anne.

JBG, which also owns the Reston Heights mixed-use development and nearby Fairway Apartments in Reston, says the complex's location near Hidden Creek Country Club, Reston Town Center and Metro's upcoming Silver Line, presents a "terrific opportunity."

A JBG spokeswoman also said that there are "no redevelopment plans at this time."

However, Charter Oak, a garden-apartment complex built in 1970, is smack in the middle of other affordable housing developments slated for redevelopment.
Also, the move is furthering the consolidation of a handful of big developers with an outsize stake in Reston (re)development: Along with Fairway and Charter Oak, JBG owns Reston Heights, itself slated for further redevelopment. Lerner has dibs on the Spectrum, plus maybe the proposed Reston National Golf Course redevelopment, or so the folks at Rescue Reston have alleged. By acquiring the original buildings earlier this year, Boston Properties now owns much of the present (and future) Reston Town Center. And who knows who will wind up the "winner" of the county's Crescent Apartments redevelopment RFP.

Maybe it's time to resurrect the Game of Reston. We call Macaroni Grill Marvin Gardens!

GameofReston-USE.jpeg

7 comments:

  1. So Long, It's Been Good To Know 'Ya...December 19, 2012 at 5:28 PM

    Reston will be rebuilt in their image. I guess this is what the master plan commmitee meant when it sez that Density Is Destiny. (the sorry thing is, they are correct).

    ReplyDelete
  2. I've said it before, and I'll say it again: There goes the neighborhood!

    ReplyDelete
  3. Attention Supervisor Hudgins!
    When they rebuild this project out with 3 times the number of units, just think of the workforce housing you can coerce!

    ReplyDelete
  4. The 262 units replaced 3 to 1 will result in 786 units of which only 12% under county guidelines would be affordable. However, I am not sure JBG has to provide 94 affordable units; they insisted they did not have to provide affordable units at Fairway Apts. Perhaps Hudgins did extract some units at the end.

    Even if Hudgins does get affordable housing units at a redeveloped Charter Oaks, at 12% Reston will be losing 262 market rate units and replacing them with 94 affordable. That's a net loss of housing for middle class families.

    ReplyDelete
    Replies
    1. I think Hudgins did extract some affordable units in the Fairway proposal. It was the height of arrogance for JBG to suggest they didn't have to build any.

      Delete
  5. Yep. That might be a net loss for middle class families but it's a net profit for JBG, which is all that matter in JBG's corporate conscience.

    ReplyDelete

(If you don't see comments for some reason, click here).