Town Center Parking Lot May Be Developed

The 4.5-acre undeveloped land Boston Properties is seeking to buy at Reston Town Center is the surface parking lot at Fountain Drive and New Dominion Drive, a commercial real estate source says.

That would make the parking area ripe for mixed-use redevelopment that may tie in with the planned major redevelopment at the adjacent Spectrum Center.

Read about those plans here.

The parking lot is currently owned by Beacon Capital Partners. According to a report from the CoStar Group, the 4.5-acre lot will sell for about $27 million ($6 million per acre).  

The parcel is commercially zoned for 250,000 square feet of office space. Boston Properties is evaluating a potential mixed-use development plan, which could include residential as well as commercial uses, CoStar said. 

Beacon owns the original potion of Reston Town Center that opened in 1990. Boston Properties owns and manages the newer part of RTC South of Market Street and is working on purchasing the Fountain Square buildings.

More:

Boston Properties Eyes Last Spot at Reston Town Center

Boston Properties Looking for RTC Purchase

Boston Properties Buying More of Reston

Boston Properties' Block 16 Eyes Late 2013 Opening

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