UPDATE: One Loudoun facing foreclosure
A mixed-use development once touted by county leaders as “the biggest and most integrated center in Loudoun County” is now facing foreclosure.
One Loudoun, planned as a town-center-style development on 358 acres at Route 7 and Loudoun County Parkway, will be up for a public auction at 10 a.m. Sept. 28 at the county courthouse, according to a trustees’ sale notice.
The McLean-based developers of the property, Miller & Smith, declined to comment on the proceedings.
According to a March 21, 2007, deed of trust, Goldman Sachs Commercial Mortgage Capital lent the developer $125 million to fund the project.
Loudoun supervisors approved the project on Jan. 16, 2007, by a 7-2 vote.
Chairman Scott York (I-at large) and previous Supervisor Bruce Tulloch (R-Potomac) voted no.
York did not return calls for comment.
In their application, the developers pledged a myriad of promised improvements to the county.
Those proffers were completed and the developers broke ground on the One Loudoun site, but buildings were never constructed.
Included in the proffers were Steuart W. Weller Elementary, which opened in September 2008, ball fields, and the four-lane extension of Russell Branch Parkway. The $10 million four-lane extension, which connects Loudoun County Parkway to Ashburn Village Boulevard, opened in April.
Plans for a mixed-use development like One Loudoun could continue on the property since supervisors already approved the site.
However, should the new owner of the property decide to change the plan, they would have to have the blueprint approved by the board.
County leaders, however, insist there’s reason for optimism about the site’s future.
“This ends one chapter for this project, but a new one will begin soon. While no one could have predicted the extent of the economic downturn, my long term vision for this project remains the same,” said Supervisor Lori Waters (R-Broad Run), who was an enthusiastic supporter of the project during its consideration by the board in 2007.
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