Vantage Point worked with the landowner/developer of 11 acres of land adjacent to the Route 28 Metro Station on the New Silver Metro Line to Dulles Airport. We assisted in a zoning change to increase the density from 327,000 sq. ft. to 1,650,000 sq. ft.
Our work included an economic/fiscal impact evaluation in a parking garage pro forma analysis. The project includes a 2,700 car garage of which 2,000 parking spaces are being allocated to Fairfax County for Metro rail riders and is financed through a public/private partnership in which Rocks Development will construct and guarantee the completion and cost of the garage. The County will own, operate and finance the garage. The economic and fiscal impact of the on-site development creates a significant surplus of $37.6 million per year at build out and constitutes a synthetic tax increment financing to cover any potential parking garage shortfall by an ultimate coverage ratio of approximately 10 fold.
The capital and operating costs of the garage is significantly less than would occur if it was constructed by Fairfax County or The Washington Airports Authority. Shared parking of the garage greatly enhances the garage revenue. The garage is projected to generate sufficient net operating income to support that service by year five and significant surpluses thereafter.
The County and developer have entered into memorandum of understanding awaiting the finalization, construction and confirmed opening date of the Metro station.