You will see that the housing market growth in Northern Virginia for the next couple of years will be concentrated in area surrounding Route 1 Jefferson Davis Highway aka Richmond Highway. The primary reason is because of BRAC impact on the relocation of business center along with it 20,000+ employees.
In recent years U.S. Route 1, or Richmond Highway, in Fairfax County, Virginia has re-emerged as Mount Vernon and Lee Districts’ Main Street, following 25 years of substantial private investment in the highway. A plethora of new commercial and residential projects have been constructed that have dramatically changed the appearance of the 7.5 mile corridor.
The upside potential is there. Information gathered from Southeast Fairfax Development Corporation. Since 1990 more than $816 million investment has been made along this corridor. Going forward, there are at least 10 property consolidations in the works ranging from commercial to mixed-use projects. To name a few residential projects. MidTown of Alexandria, is an example of a new community of condominium constructed around Huntington Metro stop. Centex Homes is building Vernon Heights, a community of towhomes in the $600K plus range.
What I foresee for Southeast Fairfax in the next couple of years...it will be the next boom town for commercial and residential development that cater to Ft. Belvoir and its support system.
* BRAC Commands Center Stage [Mount Vernon Gazette]
* About Richmond Highway [Southeast Fairfax Development Corporation]
* Fairfax County Creates 22,000 New Jobs in 2005 [Fairfax County Economic Development]