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The Mile Update 05/17/22

Third Phase of The Mile in Tysons Approved

The third phase of the Mile has been approved for construction. Plans have been filed for The Charlton at The Mile, a 560,000 sq. ft. multifamily and public storage facility. The building will feature up to 400 units, 150,000 sq. ft. of storage space, and 10,000 sq. ft. of ground-floor retail. 

Plans for the Charlton show the residential units would wrap around the storage spaces and parking at its core, at least on the first four levels of the six to seven-level building, and have two courtyards. The 3.81-acre site is immediately west of the Mile's future "Signature Park." 

Public Storage owns roughly 42% of PS Business Parks’ through common partnership units and shares of PS stock. It also manages a 400,000 sq. ft. complex on Old Meadow Road.  The company bought the property in July 2010, consisting of seven office buildings on 40 acres from DLJ Real Estate Capital Partners. That land was part of the 115-acre West-Group portfolio, which had purchased for $222 million earlier that year. 

The project will sit northwest of Highgate at the Mile, the project’s first phase, and immediately north of the second phase, the Brentford at the Mile, a 411-unit expected to deliver by this summer.

The Mile overall could include up to 13 new buildings to be constructed over roughly three decades.

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