While Silver Line construction of the new Herndon Metrorail construction continues, Reston Now has reported that the Fairfax County Board of Supervisors will contribute $1.2 million for the redevelopment of downtown Herndon — an effort being led by developer Comstock LLC and the Town of Herndon to create a town center.
The funding commitment is the largest dollar contribution for economic development to date. Funds are drawn from a funding category designed for one-time, seed money for projects that provide direct economic benefits for Fairfax County. Roughly a quarter of $5 million in available funding has been committed to downtown Herndon.
The almost five-acre site, which is owned by the town, is currently tax-exempt. The new town center would pay real estate taxes and generate additional sales tax from retail elements.
The project includes an 18,000-square-foot arts center, which will serve as the centerpiece of the downtown area. The downtown Herndon project will include almost 300 apartments, 17,600 square feet of ground floor retail and a 761-space parking garage.
Dranesville District Supervisor John Foust, who chairs the praised the contribution. “Activities around the arts create thousands of jobs and hundreds of millions of dollars in economic activity in Fairfax County and contribute to the success of a redevelopment project that will significantly increase the tax base of the town and the county.”
Photo courtesy of Herndon Patch
Pictured at top: Photo courtesy of bizjournals.com