- The Washington Times - Thursday, February 19, 2004

Michael Jordan and Jaromir Jagr may have left the area, but a developer in Northern Virginia is trying to attract some of the region’s wealthiest citizens with the construction of two luxury condominium and apartment towers in Reston Town Center.

KSI Services Inc. announced plans for the “Midtown” section of Reston Town Center, an urban-style community with high-end retail, restaurants, a park and homes ranging in price from $300,000 to more than $1 million.

“The line of amenities that people desire and the ability to have a pedestrian-friendly experience is overpowering,” said Bob Kettler, chairman of KSI Inc. “This is head and shoulders above anything else that’s out there.”

KSI said there is already a waiting list of about 1,800 people vying for the condominiums. Executives said the wealthier residents will boost business for the retailers in the town center, thereby making the entire complex stronger economically.

Plans for the entire project include 1,000 homes, 50,000 square feet of ground-floor retail and a 1.25-acre park. Construction on the first condominium tower, Midtown East, is slated to begin in April. The first condos and apartments are scheduled to be available in February 2006. Midtown East is expected to be one of the tallest buildings in Northern Virginia, with views of Maryland, West Virginia, Pennsylvania and the District visible from the top floor.

KSI executives said the construction of Midtown will complete the connection between other sections of Reston Town Center and give Fairfax County its first true urban zone, more so than even Tysons Corner.

“When the whole network sets in place it will really blossom and see its full potential,” KSI President Rick Hausler said.

Immaculate rehabilitation

• The D.C. Housing Finance Agency closed $13.6 million in tax-exempt bond financing to buy and rehabilitate the 1330 Seventh St. Apartments, formerly known as Immaculate Conception. The 136-unit apartment building near the Convention Center and the Immaculate Conception Catholic Church is expected to undergo a massive renovation over the next year, but D.C. officials said no residents will be displaced and the units will stay affordable.

More than 85 percent of the units will remain affordable for families earning less than 60 percent of the area’s median Income, and 60 of the units will remain affordable for those earning 30 percent of the area median income, which is $26,100 for a family of four. Homes are considered affordable if families spend no more than 30 percent of their income on housing costs.

Property Lines runs Fridays. Tim Lemke can be reached at [email protected] or 202/636-4836.

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