Richmond Highway is one of the corridors in Northern Virginia that has a lot of potential to offer. The corridor is one of five Fairfax County commercial revitalization districts. What that means is that they're working to bring new projects - commercial, residential, offices and retail - slated for the area. The estimated total investments would be in the neighborhood of more than $1 billion span over 25 years.
Let's see what kind of economic development the area has in store.
Projects Slated for the Area
A run down of some of the projects, via sfdc.org.
- Huntington Reserve, new construction project of 94 townhomes by KB Homes.
- Huntington Metro Project. The approved project has 650 residential units (a combination of 400 mid-and-high-rise apartments along with 250 townhouses), 225,000 SF office, 30,000 SF retail and 10 acre of designated public parks. Then there is Pulte Homes' Pavilions at Huntington in which construction of 176 townhomes have been completed and 203 apartments have been approved. Construction for apartments to begin soon.
- There's rumors that owners of Marriott Springhill Suite (hotel was burned down sometime in September 2008) is considering to rebuild the hotel.
- Fairview Motel. There are plans to redevelop the closed Fairview Motel for a hotel/motel with up to 120 rooms.
- There are two new Walgreens, one is located at corner of Richmond Hwy and Beacon Hill Rd, where construction has just been completed and the other one located at Boswell Ave. and Richmond Hwy, which is already open for business.
- Heights at Groveton. Developer has filed proffer condition amendment for a mixed-use project of 300 housing units (not sure if this going to be apartments or condominiums), 53,000 SF for offices and 29,000 SF for retails.
- The owners of the where Exxon gas station (at Lockheed) was once stood, received a special exception to build a convenience store and car wash at the site.
- A new K&M shopping center on Fordson Rd. with 7,000 SF of retails.
- 8753 Richmond Highway, where owners wanted to build four-story class A office building.
- Hampton Inn and Suites broke ground in March 2008 is slated to open for business sometime in May of 2009.
- A by-right development slated for Comfort Inn with 60 rooms.
- BRAC. The relocation of offices and workers is "the" big thing. A new hospital and office space to house approximately 4,000 workers slated for South Post (by Richmond Hwy) and the National Museum of US Army would be located on Fairfax County Parkway and Kingman Road. The museum is expected to bring 1 mil new visitors.
I've heard comments from different people about Richmond Highway. Mostly negative. (..that's about how far I will go). It's just noise. You can 'mute' the noise. Yeah, for one thing the area is still being redeveloped, which means that there isn't much excitement yet - as of now. However, if we're able to look beyond the current conditions, the area offers so much more than what you can see. Think about this. The projects. BRAC. Bargain basement prices for some of the properties on the market. Am not kidding..there are properties on the market for as much as 50% off from the peak! When was the last time you see 4 level-garage townhouse for sale under $300's? Or, condo under $100's? Hmm. Probably not until this year.
Okay, this kind of up-and-coming neighborhood is something that could potentially reward you over time. You don't have to look far. Case in point. Look at how vibrant 14th and P Street DC these days. Years ago when I used to live on P & 16th. Let me just say, before Wholefoods time, I wouldn't walk there at night!
Buy-and-hold strategy works. It works for stocks. It works for real estate. (sorry, flippin' is gone!). This is the time when you can buy low. Sit on it. Ride with the market. If you do that. This is what you could hear years later. Ka-ching, ka-ching...