Business
Comstock and the Town of Herndon Complete Transfer of Land in Public Private Partnership
Comstock Acquires 4.7 Acres of Land for Mixed-Use Development in Herndon RESTON, Va., Dec. 16, 2020 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc.
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"Comstock Acquires 4.7 Acres of Land for Mixed-Use Development in Herndon\nRESTON, Va., Dec. 16, 2020 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“CHCI”) is pleased to announce that Comstock Herndon Venture, LC (“Comstock”) and the Town of Herndon, have closed on the transfer of land in historic downtown Herndon that is the subject of a public-private partnership between the parties. Comstock’s planned redevelopment of the 4.7 acre parcel is the centerpiece of Herndon’s revitalization plan for its historic downtown. Comstock and its design team worked closely with Town officials to develop a plan that is exciting, while honoring the historic character of Herndon’s downtown. The plan earned the unanimous approval of the Herndon Historic District Review Board in 2019. “We are excited to have completed this important part of the process and look forward to redeveloping this key piece of downtown Herndon into a vibrant mixed-use development,” said Christopher Clemente, CEO of Comstock. “The closing represents an important milestone for this public-private partnership and positions the partnership to focus on finalizing the details regarding the financing of the development.” Located approximately 1.5 miles from the new Silver Line’s Herndon Station at the intersection of Elden and Center streets, the planned development will be adjacent to Herndon’s Old Town Hall, the W&OD trail, established restaurants and retail stores, and the Town Green, site of events and concerts throughout the year. Comstock’s development will include approximately 273 residential apartments, 17,300 square feet of boutique restaurant and café space, a 16,265 square feet arts center, three public plazas with outdoor seating and dedicated art, and a seven-level parking garage with 726 spaces. “This project is the culmination of years of careful planning and will result in an exciting, 21st century downtown that respects both our proud history and our vision for Herndon’s future,” said Lisa Merkel, Herndon’s Mayor. “Dynamic living spaces, retail, restaurants, the arts – all will come alive in downtown Herndon as a result of our collaboration with Comstock.” About the Town of Herndon Established in 1879, Herndon is the third largest town in the Commonwealth of Virginia. Herndon is located in western Fairfax County, approximately 22 miles f...