Comstock, Herndon Agree To Extend Downtown Project To August

HERNDON, VA — Town of Herndon and Comstock Herndon Venture, LC, an entity representing Reston Station developer Comstock Holdings, have agreed to extend their downtown redevelopment agreement.

The town and Comstock originally signed a comprehensive agreement in 2017 to redevelop the downtown area, but the pandemic and rising construction costs prompted the developer in April 2022 to exercise its right to pause the start date of the project by two years. That agreement ended on Tuesday.

The two parties agreed to push the project start date back to Aug. 15, 2024 to give them time to restructure their contractural agreement to reflect the realities of 2024.

“In particular, today’s sky-rocketing inflation and its impact on interest rates are markedly different than when we first entered our agreement with Comstock,” said Herndon Town Manager Bill Ashton, in a release. “Our aim is to arrive at a mutually beneficial process that realizes the town’s vision for our downtown and makes good business sense for Comstock.”

Tim Steffan, Comstock's chief operating officer, said that the developer is committed to the Town of Herndon and values being part of the community.

"The Herndon team has been tremendous to work with through these extremely trying economic times,” he said. “We believe there is a path forward to create a tremendous asset to the town and Herndon community that will work for all involved.”