Movement in Merrifield: More development planned

In January of 2015, Illinois-based real estate investment trust, Retail Properties of America(RPAI), purchased the Merrifield Town Center for $56.5 million. Then, about a year ago in January 2016, RPAI made another massive purchase: $45. 7 million for Merrifield II, an 8.2-acre property on Gallows Road, which is currently home for a Gold’s Gym, Great Wall Supermarket, Cubesmart self-storage, and Unique Thrift Store. The current plan is for Merrifield II to be redeveloped into an extension of the neighboring Mosaic District development, a mixed-use project consisting of both residential and retail, as well as commercial real estate. The Mosaic District development already rivals the 1990’s development in Reston Town Center, as a destination to live, work, and play by creating a mixed-use array featuring apartments, grocery stores, gyms, as well as offices, bars, and restaurants.

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The success of Eden’s Mosaic District and of the surrounding Merrifield area, coupled with the ambitious redevelopment plans for the Merrifield Town Center and Merrifield II complement the Mosaic District and paint a bright future for the Merrifield area as a prime location for people to live, work, and play. At Dutko | Ragen Homes & Investments, we specialize in the Merrifield area real estate market and the surrounding area, including Falls Church, Fairfax, and Arlington.

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Feel free to give us a call at 571-249-3551 so we can help you find your perfect home!

 

Source: http://www.bizjournals.com/washington/breaking_ground/2016/01/more-moves-in-merrifield-as-reit-pays-45-7m-for.html

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