Financial giant Capital One has the go-ahead to build a new headquarters on its Tysons Corner campus and redevelop the surrounding acreage of its office park into an urban neighborhood oriented toward the new Silver Line Metro station that borders the property.
The Fairfax County Board of Supervisors unanimously approved the redevelopment proposal Tuesday.
Following the so-called “demonstration project,” which was used to test out the county’s new land-use rules and vision for Tysons Corner, “this was the first major rezoning,” said Board of Supervisors Chairwoman Sharon Bulova (D-At large). “It is very much in concert with the vision for Tysons.”
The project includes about a dozen new buildings in four development areas, arranged around a new street grid. Including the existing facilities, the project represents about 5 million square feet of development, including offices, apartments, shops, restaurants, a hotel and parking garages. A community center, indoor basketball courts and community parks also are incorporated into the development.
The new headquarters will be the first thing built on the site, according to Antonio Calabrese, the land-use representative for Capital One. Currently, the company has many of its local employees working out of leased office space throughout the county and they want to consolidate at the headquarters, Calabrese said.
The new 14-story building “is going to be a hallmark for Capital One, for Fairfax and for Tysons,” he said.
Lisa Samuels, president of the neighboring Gates of McLean Condominium Association, said her community is looking forward to the redevelopment.
“From our perspective, this represents such a great opportunity for our community, for the value of our homes,” she said. “Right now we have nothing we can really walk to.”
As part of the rezoning application, Capital One is proffering about $63 million in transportation improvements, plus dedicating about 1.5 acres of land to allow for construction of the Jones Branch Connector, a planned new link that would reduce traffic on Va. 123.
“The value of that dedication cannot be overstated,” said Supervisor Linda Smyth (D-Providence). “We cannot do it without the land.”
If permitting and approvals remain on schedule, Capital One expects to break ground on the first building in mid-2013.