Comstock Partners, the developer behind Loudoun Station, broke ground last week on the first parking garage for the future Metro stop at Loudoun County Parkway in Ashburn.
Comstock conveyed the property to the county government and is leasing it back over a 40-year term. The developer will build and operate the garage over that time. It’s expected to have more than 1,500 parking spaces when complete.
The garage will also have 18,000 square feet of retail space on the ground floor, which Comstock Vice President of Communications Maggie Parker said the developer hopes to attract an urban grocer.
The garage, called the Ashburn North Garage, is expected to be complete in a year, well ahead of Metro’s scheduled arrival. In the meantime, it will be used for parking at Loudoun Station while another garage, wrapped by apartments and resembling another mixed-use building, is built on top of a current surface lot.
Under the agreement inked with the Board of Supervisors last year, during the 40-year term, Comstock will pay rent equivalent to 10 percent of the net operating income, after the developer recoups its expenses and yields a 12 percent return on it up-front construction expenses.
Daily parking will be cost no more $7 initially, with increases permitted every three years.
Another commuter parking garage for the Ashburn Station will be built on the south side of the Dulles Greenway under a design-build contract with the county, which has not been issued.