All Eyes on Georgelas Group as First Zoning Case Under Tysons Plan is Considered
Real Estate Partner Stuart Mendelsohn was quoted in an article in The Washington Post titled "All Eyes on Georgelas Group as First Zoning Case Under Tysons Plan is Considered."
The article reports that McLean-based Georgelas Group is the first applicant under Fairfax Country's new zoning for Tysons, and it is pushing a project that calls for 6 million square feet of high-rise development. In seeking approval, the company already has agreed to provide Fairfax County with just about everything planners and county staff have asked. In exchange for its offers, Georgelas is expected to win speedy approval for the rights to construct four apartment buildings. But while Georgelas will likely be the first to market with new apartment towers, they will not have the opportunity to see what others achieve under the new Tysons land-use rules.
Mr. Mendelsohn believes that other landowners will likely take a hard look at the promises Georgelas is offering the county before they decide to move ahead on developing their own properties – particularly property owners who already have revenue producing office buildings, retail or hotels on their properties. Both the county and Georgelas had incentives to finalize zoning for the developer's first apartment building, because, according to Mr. Mendelsohn, "it's the one [project] out there that's got a shot at being built by the time the rail arrives." He believes negotiations for other applicants might not go as smoothly.