Late last year, Amazon announced the results of its long-anticipated search for its new HQ2 locations. Northern Virginia’s selection catapulted the region into international news and set projected Real Estate costs soaring. Within the last week – Virginia Tech (formally Virginia Polytechnic and State University) – one the state’s largest public universities, announced that it will open its newest campus in the Potomac Yard section of Alexandria, again adding massive proposed future development to Northern Virginia.
Virginia Tech’s new “Innovation Campus” will house master and doctoral programs for the university starting in 2020. The Campus will be located on 15-acres next to the soon-to-be opened Potomac Yard Metro stop. Potomac Yard currently consists of mostly residential dwellings and large chain stores, such as Target, Best Buy, and Barnes and Noble.
Perhaps most interestingly, the campus will be located only one-half mile from Amazon’s new HQ campus, set to open in the Crystal City section of Arlington. Virginia Tech announced that the new campus will allow its students (who will study technology, among other things) to partner with Amazon and pursue opportunities in the field.
From a Real Estate perspective, the influx of students, Metro, and new Amazon employees will likely add to the value of property in the region. I believe that homeowners and developers alike looking at property now can anticipate a greater return on investment in the area given these developments. Similarly, current property owners will likely have their pick of willing buyers within the next property years. On the other end of the spectrum, affordable housing is less likely to be found close to Potomac Yard/Crystal City without government intervention. I recommend keeping apprised of Amazon and Tech’s proposed developments as any changes in their stated plans will likely impact the Northern Virginia Real Estate market.
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Theodora Stringham assists individuals, businesses, and organizations with growing successfully while minimizing liability. Focusing on real estate and personnel needs, Ms. Stringham executes sustainable plans for real estate development and employee matters. She provides comprehensive representation for everyday growth issues, including, but not limited to, re-zonings, site plan approvals, eminent domain/valuation concerns, employment discrimination, and disciplinary issues. Ms. Stringham’s scope of representation ranges from identifying potential liability and providing counseling/trainings, all the way through representation at trial.
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