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    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.

    Comments

    let me tell a little story. 

    my buddy Mike of 25 years or more was a Marine in Vietnam and served our country well. he could of retired from the military. nothing wrong with that. but what he did a few years before retirement, he quit the military and he was shot several times in Vietnam.

    but he decided to not suck off the government and became a builder and did very good. he paid into the tax system like Miller & Smith and I see people here that are laughing at this company going broke. again if this keeps happening you can screw the school budget next year because there will be no money to support it for a bunch of years as people have gotten used. the defense budget is going to be slashed like never seen before because we can’t afford it.
    what i am saying is dc is going broke and there is no more tax dollars to support what it has grown into. this big fat ugly monster ;-)


    The first back-to-school rule of driving that will help decrease the cost of insurance for young drivers is to focus on safety. Going back to school is exciting and that excitement could easily translate into some unsafe driving habits. It is important to stay mindful of all the right habits because doing so will decrease the likelihood of being involved in any type of accident while on the road. Everyone knows the power of peer pressure and this powerful force can be magnified when a young motorist is behind the wheel of a 2000-pound vehicle.Insurance reviews


    No wonder they went bankrupt. Have you seen the total number of speed limit signs on the new Russell Branch Parkway extension? The sign says: this road proudly paid for by Loudoun One. Just past Ashbourough Apartments is the new extension, approx 1/2 mile in length to Loudoun Count Parkway. In that 1/2 mile stretch, heading southeast, there are 10 speed limit signs!!!! And, heading northwest, there are 10 more!!!!! How much do you think VDOT or whomever charged them for those signs?? And really, is it necc. To post the speed limit 10 times in a 1/2 mile stretch of road?? Miller & Smith should take those signs down and give then to the executives before the ownership of the land changes hands. Technically, they still own the land at this point.


    This article which I found online helped me a lot on my research on debt.http://www.superiordebtnegotiation.com/


    If you wanted protection from bad economic times, you should have joined the military.

    Those of use who served our country honorably and retired receive a well-deserved stipend for our dedication to this great country; those of you who are struggling, simply lived off the fat of the lamb we provided you.

    Ever heard the story of the Ant and the Grasshopper?

    It’s probably too late for you, but tell your children the importance of military service, not only for their country but also for themselves.

    Best of luck to you…grasshopper.


    Zed,

    Uh


    you know you entitled government works and contractors will end up paying for this because Because MIller and Smith are are real Taxpayers unlike the government people that suck off the real taxpayers .  ;-)


    I read an article a few months ago that said that One Loudoun had commitments from plenty of residential builders, but not from commercial builders, and that they couldn’t go ahead with construction until a higher percentage of commercial property was committed to. I imagine that was a bad blow to their plans.


    One Loudoun is not the only one facing foreclosure, we have had over 1000 residential foreclosures in Loudoun this year through August…

    1 in 7 are living below the poverty line…

    recent Wash Post front page article described Loudouners going to food bank at GSA in shock, saying they used to volunteer at food banks, now they are out of work and cannot pay their bills…

    http://www.washingtonpost.com/wp-dyn/content/article/2010/09/16/AR2010091602698_pf.html


    From the last part of the Wash Post article about poverty:


    @RH - instead of having to run to Fairfax all the time

    Uh…why are you running to Fairfax all the time? I find the only ones running to Fairfax are those who come from Fairfax and aren’t aware of the amenities here in Loudoun…


    Getting RBP up-front was a good proffer, extracted from them in exchange for a lot of density, plus residential, but I’ll give that Board credit for that road. I guess Kincora learned a lesson or two, backloading as much as they could after a large amount of residential and some office, not to mention the separately approved and high-traffic generating stadium, are occupied.  Those with long memories of the County’s growth know this is all part of the gamble. One investors folly is anothers’ boom.


    Wow, a lot of you people have serious issues.  Do you just troll these message boards and spew crap that pertains to your miserable lives, is this all you live for, NEGATIVE RANTS.  This kind of stuff happens believe it or not, hopefully someone else can come in and take over the project and give us some amenities that we need here in Loudoun instead of having to run to Fairfax all the time.


    The proffer package was front loaded, which was the hallmark of the last board.

    And probably contributed to the belly up.

    Most projects have to sell a bit of their product in order to afford to fulfill their proffers.

    This one required the road improvements first.  they accepted the gamble, when the economy was booming.

    It isn’t booming anymore, and there sits the road—thank God—and currently no project.

    I know a guy in Round Hill who is doing road improvements that were proffered in much smaller projects, currently being executed by the banks that took them over.

    With the collapse of the economy, this isn’t and won’t be the only thing that fulfills some steep promises before going into foreclosure.


    Resolver, what type of development would you like to see on the One Loudoun site then? Frontage on Rt. 7 and LC Pkwy, one of the most prominent corners in the County. It met land use, and the proffer package was pretty good for the day (it was the ‘builder board’ of 04-07), and had at its core the ‘world trade center’ aspect which was very enticing, as there are only a limited amount of those in the world and would have put Loudoun on the map (again?) for that. There was no true commitment to the WTC aspect, but the County should hope that comes to fruition, no matter who or how this area develops. BOS - Just don’t let the vision of it get changed.


    Anyone who buys the property will still be bound by the road construction and other proffers… it will be up to the county to enforce the proffers, though.

    The proffers devalue the worth of the project to anyone who takes it over.  Someone will take it over, it is a great location, good concept, good value for the future—they just got into financing trouble…


    At least we won’t have the added burden on the school system with all these proposed homes.


    Wait til the approved farm team ball park goes belly up and we get fleeced too. It will happen - it does all over the country with stadiums all the time.


    The Seven Supervisors who voted for this financial Titanic should be tarred and feathered, especially ol’ Eugene, and pinned up in front of the LC Courthouse as Religious Holiday decorations…thereby settling TWO outstanding issues.


    Reality, it wasn’t quite like that, but one interchange is the same as another, so if One loudoun had built the LCP interchange, then the AVB one wouldn’t get built for a long long term potentially w/o the County doing it. It was a first road-building effort, and probalby the last for a good while, but the Board thougth it was important enough.  Anyway, regarding the helter skelter road segments, you all gotta realize who is (and isn’t) paying to build these roads, and what the alternative would be (The County via bonds). VDOT is supposed to build them all - the Gov and legislature won’t create funding streams to pay for it now, so the County has to sell density/intensity via rezonings to developers in order to get them to build roads. But they can’t build all the segments, and the timing of development varies greatly (see One Loudoun), so you won’t see all these road pieces connect for some time for all these reasons. Fear not, they will happen, but if VDOT won’t find a way to pay for it, and citizens don’t want the County to pay for it from bonds, then the only other option is approving upzonings that will build the roads, but they bring more people and traffic…hope that helps.


    LC Taxpayers got screwed on this one…LC Taxpayers paid $30+ million for the interchange at Loudoun County parkway and in return Loudoun One was to build the interchange at AV parkway, I guess that’s a goner now….The irony is Loudoun 1 was SUPPOSED to build the LC parkway interchange, but our local politicians changed course, stiffed us with millions in road bonds in exchange for an interchange that will never be built on AV parkway.  How does it feel to be suckered Loudoun.


    Creighton Farms isn’t doing that great either.  The next 2-3 years is going to witness even more bankruptcy filings as the area continues to “recover”.


    1 more vote to continue building it.

    Go Loudoun go!
    The show must go on!


    Leesburgite-you are right because in this place everything is in tatters - all kinds of roads are half done. It is so messed up to go from Ashburn down to Rt 50 with so many dead ends-If there is something started it should be done before getting into something else -Pacific Blvd is now connected to Nokes-ImagineThat is right because the workers mostly have to go to Fairfax or other places to find work - the cars go out and come back because of so many empty office buildings and lack of work-the county is mostly now catering to Creighton Farms


    So I only ask when will Russell Branch actually go from Battlefield to LC parkway. It just starts and stops.


    Eastern Loudoun…..build it and they still will not come!


    Correction re: the proffered interchange.  The obvious location for One Loudoun to proffer an interchange would have been the one at LC Pkway, but the County had done much of the pre-work and was floating a bond to pay for it already, so they proffered the one at Ashburn Vill Blvd instead, since no developer had yet proffered to build it.  That being said, the stretch of Russell Branch between AVB and LCPkwy was proffered, completed, and opened by Miller and Smith earlier this year. The school has also been built and opened on the land they donated, along with access to it. In 2008, they did a whole lot of infrastructure work also, to the point I believe much of the site was ready for vertical construction, and then the financial bubble burst, and it’s sat there now for over a year, stagnant. Not surprised at the bankruptcy/foreclosure, there was so much money tied up in this, and a lot of $$ spent, and then the wait must have been too much. They’ll get it together or sell to someone else, and it will get built. Just beware if a new owner comes back and tries to change things up…like add more residential.

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