Luxury Townhouses To Be Built Near Pan Am Shopping Center: Media Report

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By ETHAN LEVINE (Patch Staff)

Reston-based homebuilder NVR Inc. will develop a long-sought-after lot on Lee Highway (Route 29) near Nutley Street and the Vienna/Fairfax GMU Metrorail station into a 141-unit luxury townhouse community, the Washington Business Journal reported Monday.

The site, at 8301 Lee Highway, is just west of the intersection of Nutley Street and Lee Highway, near the Pan Am Shopping Center and south of the Metro station, which is next to Interstate 66.

NVR reportedly partnered with private developer Timber Ridge LLC in the purchase of the land. That purchase cost $43 million, the equivalent to $2.6 million per acre, the Business Journal confirmed.

A spokesman for Fraser Forbes Real Estate Services, the group that represented NVR and Timber Ridge in purchasing the lot, told the Business Journal the NVR bid won because the company was able to offer the best plan to maximize the value of the property.

Development of the townhouses is reportedly expected to begin early next year, and homes will be priced in the high six-figure to low seven-figure range.

To see the Washington Business Journal’s full story click here.