TOWN OF HERNDON, COMSTOCK COMPLETE PROPOSED COMPREHENSIVE AGREEMENT ON DOWNTOWN REDEVELOPMENT PROJECT
Town Council to Consider Adoption Following October 24 Public Hearing
The Town of Herndon and Comstock Partners, LC have completed a proposed Comprehensive Agreement that defines responsibilities of both parties in the redevelopment of 4.675 acres in Herndon’s downtown into a mixed-use project that includes residential and commercial structures, an Arts Center and a parking garage.
The Herndon Town Council will hold a public hearing on the proposed agreement on Tuesday, October 24, 7pm, Herndon Council Chambers, 765 Lynn Street. It is anticipated that the council will vote on the agreement that evening, following the hearing.
The proposed agreement between the town and Comstock is reflective of Comstock’s proposal, submitted in response to the town’s Request for Proposals (RFP), for a redevelopment project comprised of approximately 281 residential apartments, approximately 17,600 square feet of retail space, an 18,000 square feet Arts Center and an approximately 761-space parking garage. As per the proposed agreement, Comstock anticipates beginning construction on the project early in 2019, with completion estimated in 2021.
The proposed agreement outlines the town’s financial commitment to the project and Comstock’s provision to the town of assets included in the project. The“FAQ" document provides additional detail.
The agreement does not supersede the town’s regulatory powers; all redevelopment will be subject to the processes dictated by the town code and administered through appropriate bodies such as the Heritage Preservation Review Board.