Herndon is a town in Virginia that has approximately 25,000 residents. Over the years, this region in Fairfax County has gone through a significant transformation, which has ultimately led to the inception of the Herndon Downtown Redevelopment Project.
What is the Herndon Downtown Redevelopment Project?
As its name implies, the Herndon Downtown Redevelopment Project is the reimagining and revitalization of downtown Herndon. This project includes 4.675 acres of land, which will house 273 apartment homes and approximately 17,000 square feet of retail space. The redevelopment project in Herndon also includes around 787 space in a parking garage, which further encourages consumers to purchase goods in town.
What makes the project possible?
The revitalization of downtown Herndon is made possible by a partnership between the city of Herndon and Comstock Herndon Venture LC. Comstock will provide approximately 339 public parking spaces in the proposed garage. The town of Herndon will pay for the remaining 448 spaces.
Comstock is also responsible for an Arts Center, which is slated to occupy 18,000 square feet on the 4.675 acres of land. The investment firm will provide $505,000 in proffer funds to Herndon for recreational services.
Herndon is rich in culture and home to many corporations. Amazon as well as Northrop Grumman have offices in town, which has ultimately caused the median income per household to increase. The average homeowner in Herndon earns approximately $108,000 annually in wages.
What is the anticipated tax return on the Herndon redevelopment project?
The town of Herndon presently owns the 4.675 acres proposed for revitalization. As such, the land generates “zero” property taxes. The proposed redevelopment of downtown Herndon has the potential to generate approximately $800,000 per year from property taxes as well as sales tax. These monies may be used to further improve other aspects of the town, which are not limited to better education as well as more community resources.
Buy In Herndon?
There is no time like the present to invest in Herndon. Buying a home in the city is the best way for consumers to reap the benefits of what is to come in this region of Fairfax County. Herndon is centrally located so those who work in or near the Washington D.C. metropolitan area can enjoy a reasonable commute without sacrificing suburban living.
The median price of Herndon homes for sale remains within reason at approximately $570,000 for a single-family home despite rising incomes in town. In fact, it is estimated by Zillow that asking prices in Herndon may decrease in the coming months, which gives even more potential home buyers the opportunity to take advantage of homes for sale in Herndon.
The Herndon redevelopment project has incredible possibilities for retail and overall sales in the region. Now could be the perfect time to search for Herndon homes for sale.