The Metro’s forthcoming Silver Line that is making its way to the Tysons area has put the local developers on high alert to see how much development the area can sustain. So far a half a dozen new high rises are in the works that will be a mix of residential, office, and retail spaces, but many more are in the approval pipeline that could increase the area population to 100,000 people by 2050. The Washington Business Journal has mapped out the numbers for the first phase of the development and the biggest takeaway from our industry’s standpoint is that there could be tremendous opportunity for real estate agents. Over 12,000 residents are expected to move into seven buildings (they are: Arbor Row, The Commons, Spring Hill Station, Tysons West Promenade and Scotts Run South). While a significant portion of these will be rental units (it isn’t specified how many) that is still an influx of people who will most likely trade up to single-family homes after a few years. Add to that the units that will be condos and it is clear that Tysons is going to be the biggest boomtown the area has seen in decades.
Photo from Wikipedia.