Hadid Investment Group of Rosslyn has purchased a prime seven-acre site apparently with the Tysons Corner area's highest density zoning.
The Hadid Group is buying the land from the John G. Georgelas & Sons Development Co. of McLean. Neither party would tell the sales price.
This is the second Tysons area property that the Hadid Group has bought within the past 12 months. Last spring, the Hadid operation bought the 12-acre Koons Pontiac site on Rte. 7 west of Tysons Corner Shopping Center and east of the Dulles Toll Road.
The latest parcel was rezoned several years ago to permit commercial development in a C-4 category, but the land remains undeveloped. The tract is at the dead end of Greensboro Drive near the Rotunda condominium complex, and it runs west to Spring Hill Road. Known as Greensboro Plaza, the property has one of the highest densities currently zoned in the Tysons area with a 1.28 FAR (floor area ratio), according to Tom Georgelas, a spokesman for the seller.
As zoned, the site can accommodate up to two 12-story, 212,000-square-foot buildings, he said.
The Georgelas plan for the Greensboro site was approved by the county supervisors two years ago after the company agreed to "extend Greensboro Drive all the way through to Spring Hill Road and to expand Spring Hill to four lanes and improve the Spring Hill Road and Rte. 7 Leesburg Pike intersection," Georgelas said.
The new owners will have to uphold that agreement, according to Leeta Dael of Dranesville Supervisor Nancy Falck's office.
The site is in the Dranesville magisterial district near the 107-acre Tysons II mixed-use complex now under construction. It is also near a site being developed by the Goergelas operation, Milton Co. and Rozansky and Kay at the intersection of Spring Hill Road and the Dulles Airport Access Road and parallel lanes where the main toll plazas are located.
Several local commercial real estate investors had expected the site, which was sold to the Hadid Group, to be developed by Georgelas because of its proximity to the Georgelas site at the toll road. Final plans for that project were completed recently. It includes three office buildings facing the toll road.
The value of the site sold is expected to increase once the $14 million worth of traffic improvements being made by Homart Development Co., the developers of Tysons II, are in place within the next year.
Improvements that the Hadid Group will be required to make to the Spring Hill Road area near Route 7 should help to improve access to the Dulles Toll Plaza, according to a private traffic consultant.
The Hadid Group has not yet indicated any specific development plan for the site.