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Region's Builders Rein In Visions
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"The outer fringes slow down first," he said. "Loudoun County is going to slow down before downtown Washington, or areas in Fairfax and Tysons. Good locations are still good locations."
The Rev. Chris Riedel hopes he doesn't have to wait too long for new life to come to his patch of Route 50 in Loudoun County.
For years, the pastor and his congregants have yearned for homes and shops to rise on the 400 acres of fields surrounding the white clapboard chapel that is home to their Arcola United Methodist Church.
At the height of the real estate market, a developer came forward with a promise to bring the accoutrements of city life to the soil.
Luxurious homes. Shopping. Two hotels. An elementary school. A park.
Then the housing market sagged, foreclosures took off, and the real estate world got the jitters.
The developer, Buchanan Partners, remains committed to bringing its proposal to life over the next 20 years. The developer expressed hope that the market revives by the time it breaks ground.
Riedel knows that nothing is guaranteed, only that there's a long road ahead.
Staff writers Kendra Marr, Anita Huslin and Cecilia Kang contributed to this report.
