The Commons of McLean is a multi-building, 577-unit rental community located in the highly desirable McLean submarket of Washington, DC in Northern Virginia. A large portion of the site lies within a targeted redevelopment area currently undergoing rezoning to a significantly higher density in conjunction with the expansion of the Silver Line Metro railway system from Washington D.C. to Dulles Airport. The brand new Tysons East station scheduled for completion in 2013 sits in proximity directly north of the property.
In 2008 LCOR was retained as on-site property and asset manager with the goal of maximizing income from existing units while realizing long-term upzoning and redevelopment potential.
In 2012 the California State Teachers' Retirement System (CalSTRS) acquired a majority interest in LCOR and a number of real estate holdings previously owned by our former partner, Lehman Brothers. The Commons of McLean is among the properties now wholly owned by the CalSTRS/LCOR partnership.
We are shepherding the site through the rezoning and entitlement process in order to redevelop the north side of the property with mid- or high-rise configured buildings. New zoning will allow upwards of 2,500 units upon full build-out. Concurrently, we have overseen the renovation of 246 units on the south side of the property in order to maximize cash flow from units that lie outside of the redevelopment plan.