In today's difficult credit market, this is a sign of confidence in the Loudoun County commercial market based on favorable demographics, income and viability of the development.
The Village at Leesburg is the largest development in the Town of Leesburg Virginia since the construction of the Leesburg Premium Outlets in 1998.
What is The Village at Leesburg?
- South of Route 7 at River Creek Parkway near River Creek, Lansdowne and Belmont Country Clubs.
- Medium density, mixed use; retail, residential and class A office.
- 1.2 million square feet, 158 acres.
- Anchored by Wegman's Grocery Store.
- 335 luxury apartments.
- 500 senior/active adult condos.
- Completed Spring 2010.
As part of the development proffers negotiated with the town, an interchange is under construction at River Creek Parkway and Route 7. This interchange is designed as the gateway to Leesburg. The bridge over Route 7 will use upscale lamps, provide a bike trail and a stone facade with a signature sign facing westbound traffic on Route 7.
Interchange construction was negotiated to commence prior to development of the project, a first of its kind in Loudoun County. This contrasts with One Loudoun's proffer which constructs an interchange well into development of its project.
The Village at Leesburg is also a finalist in Loudoun County's search for a new government complex.
The project seems to have generated little controversy, a rarity in Loudoun, as it's senior residences won't impact nearby Tolbert Elementary. The school is at capacity which has parents ready to fight new housing in the school's zone.
In 2008, as commercial developments are sifted and analyzed more than ever by very cautious lenders, home buyers can take this as a sign that the 20176 and 20147 zip codes are sound real estate investments despite the current depressed market.
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