Is Fairfax Boulevard the Next 'R-B Corridor'?
Is the City of Fairfax main thoroughfare becoming the next trendy urban corridor???
It may be hard to imagine for those which have driven through or even lived in Fairfax City, but significant changes are underway for the once sleepy suburban DC hamlet. Over the past few years, the local government has either approved or is currently reviewing numerous new large-scale residential and mixed-use projects. These developments will yield 2,200 new units to the City by 2023. Included is over 250,000 square feet of new retail and commercial space. This represents the most construction for the area in the past 20 years. The majority of projects are located along Fairfax Boulevard, formally Route 50, which intersects the city.
The City of Fairfax Master Plan from 2007 (and the current revised version) mentions new 'town centers' with mixed-use development containing new residences, retail stores, pedestrian friendly streets and increased public space along the major thoroughfare. Most of the existing parcels along Fairfax Boulevard are zoned commercial with entities such as car dealers, motels, strip malls and the like. On the drafting board are several large scale projects which are intended to create a more 'walkable' neighborhood akin to areas like Ballston, Clarendon and Rosslyn located in Arlington County, Va. In a unique twist, those neighborhoods to the east once housed similar commercial blocks before experiencing rapid transformation beginning in the late 1990s.
(photo credit: Fairfax City Community & Development Planning - fairfaxva.gov)
A few of the largest projects located along Fairfax Boulevard include the 'Scout at Fairfax Circle' being developed by Combined Properties; 'Novus at Fairfax Gateway' in the Kamp Washington neighborhood and the current Paul VI High School site. The school location, one of the largest parcels available for redevelopment, is located in the heart of the city.
The Scout at Fairfax Circle
The Scout at Fairfax Circle will include a new Gaint grocery store, 34,000 sg ft of retail and 400 luxury apartments.
The Novus at Fairfax Gateway
The Novus at Fairfax Gateway will have 404 luxury apartments as well as 30,000 sg ft of retail space.
Finally, one of the largest and most anticipated developments is the current site of Paul VI High School which will be relocating to Loudoun County next year.
Paul VI High School
Plans call for 136 Townhouses, 184 apartment residences and 44,000 sq ft of retail space on the 18.50 acre site.
The timing for such gentrification could not be better. Over the past several years, City of Fairfax has experienced strong real estate appreciation given proximity to Washington DC and the entire Greater Metropolitan community.
For 2017, The average Days on Market (DOM) was only 31 days per closed sale. Currently there are only 45 active listings on market. Last year, 456 homes sold within the city, resulting in drastically low inventory levels. As consumer Demand remains high, new projects should provide a welcomed relief for both new and long time residents of Fairfax City.
(photo credits: City of Fairfax, www.fairfaxva.gov)
(editors note: Mundy Development LLC is based in Fairfax, Virginia)