Thirteen-acre parcel in Loudoun County sells for $11.5 million for residential development
Washington Property Co., based in Bethesda, Md., has sold a 13.5-acre parcel of land in Loudoun County to Pulte Homes for $11.5 million.
The land is rezoned for residential use, and the company said that Pulte plans to build 95 town homes on the site.
The parcel is located near the intersection of Routes 7 and 28 and is accessible from Riverside Parkway and is adjacent to an existing town home community.
Also nearby are the Lansdowne community, Inova Loudoun Hospital, the Howard Hughes Medical Institute’s Janelia Research Campus and Dulles Town Center.
“WPC acquired this parcel during the economic downturn when commercially zoned land value was low,” Daryl South, WPC’s senior vice president of development, said in a statement. “Due to the location and steep slope of the site, it was better suited for residential use. Rezoning was completed at the end of 2013, and Pulte contracted the land, subject to preliminary plat approval, which they received at the end of 2014. Pulte is currently pursuing approval for its final site and building plans so that it can begin construction.”