Metro and a private builder are planning to redevelop the area surrounding the West Falls Church station to include more than 1 million square feet of homes, offices and retail spaces, the transit agency announced.
Metro said Thursday it has reached an agreement with Falls Church Gateway Partners-Metro — a company formed by real estate developers EYA, Hoffman and Associates, and Rushmark Properties — on a 99-year lease that calls for the developer to build and manage the Metro-owned property. Metro would receive rent and sales payments from the developer, and the agency said the development also would create new fare-paying riders from residents, workers and shoppers it expects to draw.
“Building transit-oriented development is an important strategy for managing many of this region’s most pressing challenges, such as traffic congestion, sustainability, housing production, and transit ridership recovery,” Metro General Manager Paul J. Wiedefeld said in a statement.
