The redevelopment of the corner of E Broad St. & N Washington St. in Falls Church will be anchored by a new 50,000 sqft Whole Foods Market, with a 20-year lease for the space, the Falls Church News-Press recently reported. The project will be a mixed use facility featuring outdoor eating spaces and beautiful landscaping. This project will include 350 apartments, 613 parking spaces, and a small park facing onto Lawton Street. If all goes to plan, ground-breaking could take place in summer 2020, with an estimated move-in date of mid 2023.
This new Whole Foods falls on the tails of the recent grand opening of the Mid-Atlantic Flagship location in Tysons at The Boro, which opened in October. In 2015, RealtyTrac ran a study on the impact that certain grocery stores can have on neighborhoods. They found that neighborhoods with Whole Foods Markets saw a 34% appreciation in home value since they purchased their home.
As the project moves forward, we will keep an eye on the marketplace in the area to see what impact this new redevelopment will have on home values. If you have any questions about real estate in Falls Church or the surrounding areas, please contact us at 571-429-7670 or [email protected].
The redevelopment is being led by Broad and Washington, LLC, a venture of the Arlington-based Insight Property Group. The firm was behind the Apollo on H St NE in Washington, DC., a 431-unit, mixed-use project that also has a Whole Foods Market on street level.