Comstock Update 09/01/22

Comstock Expands Reston Station with Latest Acquisition

Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading developer, investor, and asset manager of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today the acquisition of approximately 8 acres of the Midline development at Reston Station (“Midline”) on behalf of Comstock Partners, LC, an affiliated, privately-held company. Located on the east side of Wiehle Avenue stretching from Sunset Hills Road to the Dulles Toll Road in Reston, Virginia, Midline includes a mix of residential offerings marketed as Midline @ Reston Station and The Townhomes @ Reston Station.

The 8 acres acquired represent the largest portion of undeveloped acreage included in the Midline development. Two 3-story office buildings that were previously occupied by a mix of tenants, including Northern Virginia Community College, will be demolished to make way for the redevelopment of the portion of Midline that has frontage on Wiehle Avenue. The Company is currently exploring options for developing the site substantially in conformance with previously approved plans for Midline and is focusing on enhancing connectivity to Comstock’s Reston Metro Plaza. Comstock’s leasing team is in early discussions with several potential retail anchors, with plans to commence development in 2023.

“Our plans for the acquired portion of Midline include a mix of uses, including office, residential, and retail, to compliment the recently built townhome and multifamily sections of the community,” commented Timothy Steffan, COO of Comstock. “This natural integration of additional surrounding areas into the Reston Station neighborhood will further enhance access to Reston’s only Metro Station and improve the neighborhood experience for all who live, work, and play in Reston.”

Midline at Reston Station is a 1.8 million square-foot mixed-use development, with 1.2 million square feet of residential, 260,000 square feet of office, and 250,000 square feet of retail planned. Initial phases were recently completed including townhouses, condominiums, and apartments developed between JBG Smith, EYA, Knutson Homes, and Chevy Chase Land Company. Nearly 30% of Midline will be preserved as open space for dog parks, play areas for children and other public amenities and outdoor spaces.

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