Somos at McLean
Update
08/04/22
Tysons Affordable Housing Development Receives $33M In Public Funds
Plans have been approved to demolish the site’s existing office building and replace it with an 8-story multifamily residential building with 5,000 sq. ft. of retail, office, or community uses. The Capital One Financial Corp.-owned property in Tysons will be redeveloped as an all-affordable residential building, satisfying commitments made during the construction of the company's neighboring headquarters.
The development will feature 453 units spread across an 8-story, 225-unit building in the front, attached to a 5-story, 228-unit building in the rear over an existing three-level parking garage. Rents will range from 40% of the area’s median income to 70%, with 60% as the average.
According to the board agenda, the $33M funds include a $12.6M loan to SCG from the county’s Housing Blueprint. FCRHA will also spend $20.7M to acquire the roughly 3.5 acres of land under the planned building. The building will be leased to SCG Development for a 99-year term, requiring all units to remain affordable during that time.
