Comstock Holding Companies released their investor presentation last week. Outside of detailing their financial position, they also provide an estimate of their future development activity. Their active development pipeline is of primary interest to this site.
Comstock began development of the buildings of Reston Station in 2014, after completing their project of constructing the large underground parking garage at the Wiehle–Reston East Metro station. Following the delivery of the BLVD apartment building in 2016, their flagship office building at 1900 (designed by renowned architect Helmut Jahn) was completed in 2018.
The last two buildings under construction on the metro plaza are built on top of a large parking podium. 1906 was started first and is very close to being finished. The CVS pharmacy on the first floor opened in March, and the office space directly above should be ready for occupancy in the next couple months. A new development is Comstock’s estimate that 1902, which was originally planned to deliver in 2021, will instead come sometime in 2020. Construction must be running ahead of schedule.
With development on current buildings wrapping up, Comstock is moving forward on their next project, just north of Reston Station. Referred to as the “Promenade” during planning phases, Comstock is now calling the area “Reston Row” and recently approved their final development plan with the county.
Consistent with last year’s plans, this district will be anchored by a 24-story Marriott-branded hotel, estimated to arrive in 2022. Starting last year, the leases at the existing professional park were allowed to lapse, and as of April the suites are almost entirely vacant. However, demolition and grading of the site have yet to begin, let alone the excavation required to fit the five levels of underground parking. Assuming there may be possible administrative delays related to the COVID-19 epidemic, Comstock’s estimate of 2022 delivery for both the hotel and neighboring 13-floor office building seems very optimistic. The apartments and second office building are estimated for 2023 and 2024 respectively.
Comstock continues to build up their portfolio at Loudoun County’s Ashburn Metro station, and broke ground recently on a mixed-use residential development in downtown Herndon. Expect more coverage of these projects as they develop.