Washington D.C. has long been a hotspot for real estate investors.
Recognized as one of the top-10 most expensive cities to live in the U.S., it continues to see periods of sustained growth and buyer demand that show no sign of slowing down.
It might be the nation’s capital, but D.C. is increasingly referred to as the Capital of Innovation as well. In addition to the much-anticipated Amazon HQ2, the region is also home to more than 1,000 tech startups.
Fueling much of this development is the Center for Innovative Technology, also called the Innovation Center or simply, CIT. Today, we’re taking a closer look at why future-focused investors are eyeing the property around the CIT as valuable real estate, and how you can follow suit.
Ready to learn more? Let’s get started.
What is the Innovation Center?
Focused on putting the spotlight on new technologies and entrepreneurs, the Innovation Center is the strategic and economic arm behind many of the up-and-coming tech companies across the greater Hernon, VA area.
Helping commuters travel around and beyond this hub is the Silver Line, a rapid transit line that spans across Fairfax County and Arlington County, Virginia, as well as the District of Columbia, and Prince George’s County, Maryland.
Today, we’re focusing on that first region: Fairfax County. Specifically, where does the Silver Line travel in this region and what makes it such a real estate investor’s dream?
Innovation Along the Silver Line
In Fairfax County, there are three main Silver Line stations. They include:
- Reston Town Center Station
- Herndon Station
- Innovation Center Station
The development of these stations is part of a larger Phase 2 of the overarching Dulles Corridor Metrorail Project which is set to install and additional six stations in all. In addition to the three above, Phase 2 will also include:
- Dulles Airport Station
- Loudoun Station
- Ashburn Station
Located less than one mile from Dulles International Airport and designated as the last Metro stop before IAD, the Innovation Center Station is generating special interest.
Why should curious real estate investors give the property around this station a second look? Let’s review a few of the reasons why it’s worth considering.
Investing Near The Innovation Center Station
Designed to serve the CIT, the Innovation Center Station will be located in the median of Dulles Toll Road/Airport Access Highway, near the intersection of Route 28.
With Phase 2 construction scheduled to be complete in five years, the station is set to include myriad facilities, including:
- Pedestrian bridges
- Parking for 2,000 cars
- Kiss & Ride stations
- Bicycle racks and lockers
While the station will be impressive and convenient once it’s finished, it’s the area around its perimeter that’s turning heads.
It might not look like it now, but in a few years, the Innovation Center Station will offer quick access to some of Herndon’s most buzzed-about tech centers. Let’s review a few of the proposed developments.
Center for Innovative Technology Campus
There are big plans for the nearly 29-acre property that surrounds the current Center for Innovative Technology. This campus is set to be developed into a lifestyle center that includes residential units, offices, and retail space.
What would you do with 5.5 million square feet? This massive property sits close to the future Innovation Center Station and is set to roll out Phase 1 of its deployment in 2020.
In addition to 1,265 residential units (coming later), the Hub will also feature:
- 350 hotel rooms
- 400,000 square feet of retail space
- 3.5 million square feet of office space
- Green spaces (forests, cycling, walking paths)
Innovation Center South
Designed to sit just south of the Innovation Center Station, this property will also be a mixed-use community. It will include 1,000 residential units, nearly 200 hotel rooms, and 584,000 square feet of office and retail space.
Pomeroy Cos. Projects
In addition to the three behemoth properties described above, there are also plans to develop the two, 40-acre sites that sit adjacent to the Innovation Center Station.
The first site will be called the Aurora Station at Dulles, and will include:
- More than 1,000 residential units
- Commercial offices
- Retail space
The second site, titled Sunrise Valley, will include roughly the same number of residential units, as well as commercial space and even an on-site school.
Why Invest Near the Innovation Center?
As you can see, the developments around the Innovation Center Station offer both residential and commercial opportunities.
Even if homeowners don’t put down roots in one of the thousands of new residential units, their jobs could still take them to work in these new offices. This means they’ll be eyeing apartments, condos or single-family homes nearby.
As such, this stretch of the Silver Line is primed to become even more appealing to interested, prospective homeowners. While Phase 2 of the Dulles Corridor Metrorail Project could take up to five years to complete, now is the time to get your foot in the door as an investor.
In fact, the entire Dulles Corridor area as a whole is burgeoning with popularity and growth. Understanding which developments are underway and the amenities they provide is critical to choosing which ones to focus your investment effort on.
One thing that’s certain? An investment near the Innovation Center Station will only grow in value over time. The projects described above will continue to draw new visitors to the area, ramp up home sales, and ultimately contribute to a higher ROI.
Checkout Real Estate Near the Innovation Center Today
Are you a real estate investor curious about opportunities and availabilities along the Silver Line? Want to learn more about Phase 2 and the Innovation Center Station? If so, you’ve come to the right spot.
Whether this is your first investment or you simply want to expand your portfolio, we can help you find what you need. Our team provides leasing, property management, and sales services to residential property owners and investors around the greater D.C. region, including Northern Virginia and parts of Maryland.
Contact us today with any questions and let’s connect!