$10.4M Paid For WillowWood Plaza Property For Redevelopment

FAIRFAX CITY, VA — Capital City Real Estate, Middleburg Communities LLC, and an unnamed institutional investor reached a deal last week to purchase an office park in Fairfax City in order to redevelop a portion of it into 260 residential units, according to reports.

The developers paid about $3.5 million an acre for the 3-acre lot at 10306 Eaton Place, which was subdivided out of the WillowWood Plaza office park for approximately $10.4 million, according the the Washington Business Journal.

On July 9, 2024, the Fairfax City Council approved the rezoning and general development plan for a seven-story building called The Botanist as part of the ongoing N29 WillowWood Plaza project in the NorthFax area of the city. The development will add 260 multifamily residential units, ground-floor retail and an integrated parking garage.

"We're thrilled to partner with Middleburg on The Botanist, in creating a best-in-class multifamily community at the heart of the dynamic Northern Virginia market," said Chris Love, managing partner at Capital City Real Estate, in a release. "Both organizations are deeply experienced in markets with strong fundamentals, and we look forward to delivering an exceptional product that will serve the Fairfax community for years to come."

The new residential building will be built on the large parking lot west of the building at 10306 Eaton Place. The development will include a 10-level garage, with on level located below ground.

Situated near I-66, Fairfax Boulevard, and Chain Bridge Road/Route 123, The Botanist will provide easy access to surrounding retail in Fairfax City, Fair Oaks, Oakton, Vienna, and Tysons.

Capital City and Middleburg plan to deliver the first units during the third quarter of 2027, according to a release.

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"The Botanist is a strong example of how our collaborative model creates value by aligning experienced sponsors who share common investment principles and commitment to excellence," said Kory Geans, chief investment officer at Middleburg. "This partnership allows us to offer investors an optimized development with proven operators, shared vision, operational control and full transparency throughout the process.”

N29 WillowWood Plaza Residential Phase I Timeline

• On July 9, 2024, City Council approved the Rezoning and General Development Plan
• On June 21, 2024, the Applicant submitted the eighth submission to staff for review
• On April 22, 2024, Planning Commission held a public hearing
• On March 29, 2024, the applicant submitted the seventh submission to staff for review
• On February 7, 2024, the Board of Architectural Review will hold a second public hearing
• On January 24, 2024, the applicant submitted the sixth submission for staff to review
• On December 20, 2023, the Board of Architectural Review held a public hearing (BAR deferred action on the request)
• On December 4, 2023, the applicant resubmitted BAR plans to staff for review
• On November 15, 2023, the Board of Architectural Review held a second work session
• On November 7, 2023, the applicant resubmitted BAR plans to staff for review
• On October 16, 2023, the applicant submitted the fifth submission to staff for review
• On August 14, 2023, the applicant submitted the fourth submission to staff for review
• On June 27, 2023, City Council held a post-submission work session
• On June 21, 2023, the Board of Architectural Review held a work session
• On June 12, 2023, the Planning Commission held a post-submission work session
• On May 23, 2023, the applicant submitted BAR plans to staff for review
• On May 1, 2023, the applicant submitted the third submission to staff for review
• On December 8, 2022, the applicant submitted the second submission to staff for review
• On July 22, 2022, the applicant submitted a formal application
• On May 10, 2022, the City Council held a pre-application briefing
• On April 25, 2022, the Planning Commission held a pre-application briefing
• On April 13, 2022, the applicant submitted a conceptual plan for an informational briefing with Planning Commission and City Council.

(Source: City of Fairfax)