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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 Planning and Zoning on property improvements intended to increase office use and employee presence in town.
On the Vienna Marketplace (245), Toulouse said building-condition issues are under review and staff is engaging the owner about fixes; there is buyer interest in one of the units but tenants and repairs are complicating immediate leasing. For 515 Maple (the old SunTrust building), a homebuilder (Six Homes) plans a mixed-use proposal with office on the ground floor and 34 residential units above, and staff is coordinating the forthcoming application.
Toulouse summarized a real estate market study by Cavalry Real Estate Investors, which concluded that many parcels on Maple are not deep enough under current zoning to support conventional redevelopment, so incremental approaches (facade and landscaping improvements) or proactive assemblage and zoning change are likely prerequisites for significant redevelopment. She said staff will provide the full study to council members and that comprehensive plan review in spring will be an opportunity to consider policy changes.
Toulouse also previewed a spring RFP for a streetscape/place-making plan funded at $400,000 in the CIP, and described new marketing efforts including a ShopVienna website and the "4 and 4" storytelling itineraries to boost town retail and restaurant visibility over the holiday season. She noted that staff will schedule a full work session on the W&OD center project with Nova Parks in February.
Council members asked about property tax treatment of vacant parcels, feasibility of mixed-use redevelopment, and whether a "shabby-chic" affordability strategy should be retained as a policy option. Toulouse said tax assessments depend on land vs. improvements and committed to follow up with exact tax figures upon request. She and staff emphasized owner engagement, code enforcement, and potential use of façade/landscaping incentives as nonregulatory levers.
What happens next: Staff will share the Cavalry study, pursue conversations with owners on specific vacancies, return with a streetscape RFP timeline, and schedule a W&OD work session in February.
