A rendering of Halley Rise in Reston (Credit: Brookfield Properties)
Brookfield Properties is planning to build a $1.4 billion mixed-use development in Reston, Virginia, a massive project that when completed, will eventually include 1,500 residential units.
Known as Halley Rise, it will have 3.5 million square feet of new housing, retail, offices and public green spaces, according to Commercial Observer. In total, the office park will span 36 acres.
The first phase will include 640 residential units, 450,000 square feet for offices, 200,000 square feet of retail and nearly five acres of park space. Construction is projected to begin in the middle of next year and be completed by 2022.
When completed, Halley Rise will have 1,500 residential units, 1.5 million square feet of office space and 250,000 square feet of retail, Commercial Observer reported.
Brookfield acquired the office park in 2006 when it purchased the real estate investment trust Trizec Properties and mutual fund Trizec Canada for $9 billion in a partnership with Blackstone.
The project will also bring the first Wegmans supermarket to Reston, which will anchor the retail component of Halley Rise. Wegmans signed a 20-year lease for 80,000 square feet last month. [Commercial Observer] — Keith Larsen
Source: The Real Deal Los Angeles