coomber hall at mcmillen farm · ownership: coomber hall at mcmillen fam llc year built: 1850-1908...

Coomber Hall at McMillen Farm 1521 Dranesville Road Herndon, VA OFFERING MEMORANDUM

Prime Infill Single Family Lot Opportunity

CONTENTS

CONTACT

Offering Terms 3

Executive Summary 4

Property Summary 5

Investment Highlights 7

Economic Overview 8

Maps and Aerials 9

Lisa Benjamin

Senior Managing Director

202.471.3009

[email protected]

1521 Dranesville Road Offering Memorandum / 2

Offering TermsOwnership

Coomber Hall at McMillen Farm LLC

Interest Offered

100% Fee Simple

Offer Deadline

A formal call for offers letter will be distributed

at the appropriate time. All submissions must be

faxed, emailed or hard copy delivered. Offers

should be submitted in the form of a non-binding

letter of intent and should specify the following:

• Purchase Price

• Feasibility Period

• Closing Date

• Deposit

• Contingencies (if any)

• Proposed team of consultants

• Sources of Funds (Equity and Debt, if

applicable)

• Consents and/or approvals needed for closing

• Recent development or home building

experience in Fairfax County.

• Any other information having a direct

bearing on the purchaser’s ability to close the

proposed transaction


Newmark Grubb Knight Frank is pleased to offer for sale Coomber Hall at McMillen Farm located at 1521

Dranesville Road in Herndon Virginia. Coomber Hall offers developers and homebuilders the opportunity to

purchase a prime single family home development site in the Herndon submarket of Fairfax County.

Coomber Hall is a 5.71 acre property that includes a single family home, historic barn and several small

outbuildings. The property is currently zoned R-1 which allows for 1 dwelling unit per acre. The Fairfax County

Comprehensive Plan provides for 2-3 single family lots per acre, so rezoning the site for a more dense single

family development is likely. A zoning opinion letter outlining the salient issues from Cooley LLP is attached.

The existing improvements on the property include a barn built in the mid -1800s, and a single family home

built between1905-1908. The improvements total 9516 square feet. The barn is currently rented out as a catering

hall for weddings and other social occasions. The property is listed on the Inventory of Historic Sites in Fairfax

County however inclusion on this list does not provide details on the importance of preservation of any specific

structures.

The property is generally rectangular in shape and rolling. Access is from Dranesville Road, just north of

Herndon High School. Dranesville Road is a four lane divided road, serving as a major North- South connector

between Route 7 (Leesburg Pike) and Route 267 (Dulles Access Road). The Fairfax County Parkway is a limited

access highway that runs parallel to Dranesville Road to the east. Phase I of the Silver Line Metro is complete

to Wiehle Avenue, a short drive from the site and the future Herndon Station stop is less than three miles away.

Dullas Airport is only 7 miles from the property.

There is a very limited supply of new single family homes in Herndon, with pricing in the high $700,000s to

low $900,000s. Demand for housing will continue to increase with the extension of Metro and accompanying

employment centers.

Executive Summary


Address: 1521 Dranesville Road, Herndon VA

Ownership: Coomber Hall at McMillen Fam LLC

Year Built: 1850-1908

Building Area: 9516 SF in multiple buildings on 5.71 acre lot

Zoning: R-1, Fairfax County Comprehensive Plan provides for 2-3 Dwelling Units per Acre

Submarket: Herndon, VA

Location: • 3 miles to future Herndon Station Silver Line Metro ( n )• 4 miles to Reston Town Center• .5 miles to Fairfax County Parkway• 7 miles to Dulles Airport

Property Summary


Property Summary

1521 Dranesville Road represents a unique opportunity

to purchase a large, infill property with strong rezoning

potential. Currently zoned R-1, the Comprehensive Plan

provides for infill development in the range of 2-3 dwelling

units per acre providing the opportunity to achieve up to 17

lots on the 5.7 acre property.

The property’s extensive frontage along Dranesville Road

enhances marketing efforts for future development. The

site’s rectangular shape is efficient to lay out an enclave of

lots in the 1/3 to 1/2 acre range.

Abundant retail and recreational amenities are close

including Reston Town Center, the town of Herndon, Lake

Fairfax Park and Reston National Golf Course.

Transportation options surrounding the site are

abundant. The Fairfax County Parkway and

Dulles Access Road provide limited access

highway options to the District of

Columbia and other areas of Northern

Virginia. Metro’s Silver Line is complete

to Wiehle Avenue, just 6 miles from

the site and the future Herndon

Station stop is 3 miles away. Dulles

Airport is less than 7 miles from the

property.


Zoning:Property is currently zoned R-1 with Comprehensive Plan recommendation for 2-3 single family homes per acre. Successful rezoning will yield up to 17 single family lots.

Current Use: Rolling former dairy farm with historic barn and single family home

Location: Southeast Corner of Dranesville Road and Kingstream Drive

Supply Factors:Supply of single family lots in Herndon is extremely limited. Recent lot sales range from $275,000 to $350,000.

Investment Highlights

CLOSE IN FAIRFAX COUNTY LOCATION

RARE REDEVELOPMENT

OPPORTUNITY WITH CURRENT

INCOME

ENCLAVE OF UP TO 17 NEW SINGLE

FAMILY HOME LOTS POSSIBLE


Economic OverviewThe Washington, DC metropolitan area continues to be one of the best performing

economies in the country. It is driven by strong demographics, a diverse employment base

fueled by both the private and public sectors, and the lowest unemployment rate in the

nation for major metropolitan areas at 4.1% as of March 2016. The region, which includes

the surrounding suburbs in Maryland, Virginia and West Virginia, with a median household

income of $90,149, ranks highest among the nation’s 25 most populous metro areas.

Incomes in the metropolitan area grew by 34% from 2000 to 2012, compared to just 20.0%

nationally. The region also boasts the most educated populations in the nation, with 25.3%

of adults ages 25+ holding a bachelor’s degree and 23.3% of adults ages 25+ holding a

graduate or professional degree.

With almost 3.2 million payroll jobs, the DC metropolitan area continues to rank in the top

five largest job markets among metro areas, behind New York, the LA Basin and Chicago.

Non-farm employment grew by 70,600 in 2015 or 2.3% compared to a national rate of

1.9%. A major contributing factor to the stability in the region is its consistently strong job

market, a result of the presence of the federal government and a diverse economy based

on technology, construction, healthcare and hospitality industries.


Maps and Aerials


128304072 v1 Confidentiality note: This memorandum and the information it contains are intended to be a confidential

communication only to the person or entity to whom it is addressed. If you have received this information in error, please notify us by telephone and return this original to this office by mail.

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Memorandum

To: Lisa Benjamin, Newmark Grubb Knight Frank

From: Ben Wales, Cooley LLP Mark Looney, Cooley LLP

Date: April 8, 2016

Re: McMillen Farm, 1521 Dranesville Road

Per your request, this memo has been prepared to provide initial zoning information concerning the property known as McMillen Farm, located at 1521 Dranesville Road, Herndon (the “Property”). The Property is identified on the Fairfax County Tax Map as 10-2 ((1)) Parcel 5 (see Exhibit A).

The Property lies outside of the limits of the Town of Herndon and within Fairfax County’s Dranesville District. The Dranesville District Supervisor is John W. Foust and the District’s Planning Commissioner is John Ulfelder.

Please note that this memo is not intended to provide a complete zoning analysis of the Property. It only includes information that we have been able to research in the time available.

I. Zoning Ordinance The Property is zoned R-1 (Residential, one dwelling unit per acre) pursuant to the Fairfax County Zoning Ordinance. The R-1 zoning district was created to provide for single family detached dwellings and other uses compatible with the district’s low-density residential character. We are not aware of any existing legislative approvals by Fairfax County associated with the Property. II. Comprehensive Plan A. Land Use Designation The Property is within an area of the County identified for development with 2-3 dwelling units per acre. As depicted on Exhibit A, much of the land surrounding the Property is zoned R-3 (Residential, three dwelling units per acre); a zoning district consistent with the Comprehensive Plan’s recommended density. The redevelopment of the Property would represent infill development. The Comprehensive Plan recommends that infill development is of a compatible use, type and intensity with the other uses in the surrounding neighborhood. The Comprehensive Plan also



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recommends that residential development should be clustered to allow the preservation of open space. B. Inventory of Historic Sites The Comprehensive Plan identifies the Property as being on Fairfax County’s Inventory of Historic Sites. The Inventory recognizes the Property’s farmhouse and the five out buildings as being historically significant. Inclusion of a historic site on the Inventory is an honorary designation, which does not impose restrictions or limits on what an owner can do with their property. However, the Comprehensive Plan encourages that, where possible, historic sites are preserved. III. Rezoning Application The redevelopment of the Property with an intensity greater than 1 dwelling unit per acre will require approval of a rezoning application by the Fairfax County Board of Supervisors. In light of the Comprehensive Plan recommending the development of the Property with 2-3 dwelling units per acre and the existing zoning of surrounding residential neighborhoods, the R-3 zoning district would appear to be an appropriate option should the rezoning of the Property be considered. The rezoning of the Property to the R-3 district would potentially allow the development of up to 17 single family detached homes. For confirmation, townhomes are not permitted in the R-3 zoning district. It is important to note that in reviewing a rezoning application for the Property the County will consider all Comprehensive Plan recommendations associated with it, including the impact of the proposal to its historic buildings. We would suggest that additional research is undertaken into the historic structures included on the Inventory of Historic Sites prior to a rezoning application being filed. We trust that the above information is helpful. Should you have any questions or require further information, please do not hesitate to contact us. Mark Looney Ben Wales 703-456-8652 709-456-8609 [email protected] [email protected]



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EXHIBIT A

coomber hall at mcmillen farm · ownership: coomber hall at mcmillen fam llc year built: 1850-1908...

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