Developer Proposes Downtown Falls Church Mixed-Use Project

Broad & Washington LLC, a venture of Arlington-based Insight Property Group and Reston-based Kiddar Metz, filed an application this week with Falls Church City for the redevelopment of their 3-acre downtown Falls Church property encompassing 100 N. Washington St., 127 E. Broad St., and 130 E. Broad St.

The proposed development is located on the northeast corner of Routes 7 and 29. The property is currently home to a commercial office building, an Applebee’s restaurant, and a medical office building.

Broad & Washington notes that it sets a new high-water mark for commercial footage in Falls Church mixed-use projects, featuring over 100,000 square feet of commercial space to include a grocery anchor, restaurants with outdoor dining, neighborhood-serving retail stores, 36,000 square feet of commercial office space, and 324 apartments, which collectively will contribute more economic value to the area.

“This mix of space will yield a net fiscal surplus of $3.3 million each year and over $60 million in the next 20 years. Additionally, we expect the office and retail to support over 200 full-time jobs,” according to Todd Hitt, president and CEO of Kiddar Metz.

Richard Hausler, CEO of Insight Property Group, notes that in addition to the fiscal surplus, “Broad & Washington will bring new life and energy to Downtown Falls Church. This project falls within the City’s adopted Core Entertainment Area, which already includes existing restaurants and the The State Theatre. We believe this area of the community will really come alive with this project and grow into a local and regional destination.”

The planned 324 apartments will appeal to young professionals, millennials, and empty nesters. “There is proven demand for authentic downtown living in walkable and bike-friendly mixed-use settings with access to major employment centers,” says Insight Property Group Partner, Maury Stern. “This project will fulfill that demand along with a large underground/covered structure parking garage that will have space for residents, retailers, and the public.”

Broad & Washington proposal specifics:
· Number of units: Approx. 324 apartments
· Office: Approx. 36,000 square feet of office
· Retail: 20,000 square feet of neighborhood serving retail
· Grocery Retail: 50,000 square feet of grocery retail
· Parking: 4-Level underground parking garage
· Net Fiscal Impact: In excess of $60 Million

Founded by longtime multifamily industry veterans Richard Hausler and Michael Blum, Insight Property Group acquires, repositions, and develops well-located apartments and mixed-use real estate in the Washington, D.C. metropolitan region. The principals have over 70 years of experience in the area real estate industry. For more information, visit: www.insightpropertygroupllc.com.

Kiddar Metz is a Reston-based private investment firm that originates structures and manages strategic equity investments across a variety of business disciplines. The firm has in excess of $300 million under management. For more information, visit: www.kiddar.com