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Economic development director reports low vacancy, Cavalry study limits Maple redevelopment; 901 Fallen Lane sold to Navy Federal
Summary
Director Nicole Toulouse told the council the town's commercial vacancy rate is 2.9%, highlighted redevelopment constraints along Maple Avenue from a Cavalry Real Estate Investors study, and announced that 901 Fallen Lane has sold to Navy Federal Credit Union; staff flagged pending RFPs for streetscape improvements and a W&OD center work session in February.
Nicole Toulouse, the town's director of economic development, told the Vienna Town Council on Dec. 8 that commercial market indicators remain healthy: a 2.9% vacancy rate, modest increases in asking rents and sale values, and ongoing tenant interest in the largest vacancies. Toulouse reported outreach on several sites of interest and identified barriers to redevelopment along Maple Avenue.
Toulouse said 444 Maple has renewed interest from the property owner who is now starting to get pricing for redevelopment, though financing remains a constraint. She announced the significant news that 901 Fallen Lane was sold to Navy Federal Credit Union and that Navy Federal is working with the Department of…
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