“After thorough analysis, we believe that the highest and best use of the western portion of Graham Park Plaza is ‘for sale’ housing,” announced Barry Carty, VP of acquisitions for Federal Realty, about the sale of 8.3 acres of the Graham Park Plaza shopping center to EYA. “This strategic sale to the premier housing developer in the DC metro region capitalizes on the strong land value at the site and allows us to redeploy those proceeds on improvements to our other projects in Northern Virginia, including the eastern side of the Graham Park Plaza shopping center.”
Graham Park represents continued momentum on two of EYA’s key strategic objectives. First, the project maintains the company’s focus on creating value for retail property owners and surrounding neighborhoods through the development of high-quality residential projects as part of the revitalization of well-located retail centers.
After over a year of working closely with the Mason District Supervisor, Penelope Gross, the local community and staff, EYA secured unanimous approval for the 177-unit project from the Fairfax County Planning Commission and Board of Supervisors. The proposal includes 12.5% affordable housing, siginificant open space and parks, and cosmetic improvements to the remainder of the shopping center to complement the design of the new townhomes.
