Reston Lake House Posts Huge Loss: Official

RESTON, VA — The revenue figures are in for the Reston Association's $2.65 million Lake House, and they're not good: the property pulled in just $80,000 in the first half of 2017, meaning it operated at a significant loss.

Reston Association Board of Directors treasurer and At-Large director Sridhar Ganesan presented the latest revenue figures for the association at a recent meeting, noting that the Lake House fell far short of its project income of $147,000 between the beginning of the year and the end of June.

"As I understand, it's really because of scheduling conflicts in terms of programs versus corporate and other conflicts," Ganesan said. "They're still working through scheduling issues."

Since total expenses for the Lake House over that time period were $126,000, the property lost about $46,000 in the first six months of 2017.

The Reston Association purchased the Lake House -- which is used for corporate functions, conferences, and weddings -- for $2.65 million in 2015, but cost overruns forced the association to come up with another $430,000. That prompted the association to hire consultant firm StoneTurn Group LLC for $45,000 in January to independently review the purchase and renovation of the Lake House.

The Lake House officially opened its doors in the latter half of 2016. It is located at 11450 Baron Cameron Avenue.

Video of the July 27 meeting is embedded below. Ganesan's remarks begin shortly after the 7-minute mark.

Image via Reston Association