{"id":400937,"date":"2020-12-16T09:03:31","date_gmt":"2020-12-16T14:03:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=400937"},"modified":"2020-12-16T09:03:31","modified_gmt":"2020-12-16T14:03:31","slug":"comstock-and-the-town-of-herndon-complete-transfer-of-land-in-public-private-partnership","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/comstock-and-the-town-of-herndon-complete-transfer-of-land-in-public-private-partnership\/","title":{"rendered":"Comstock and the Town of Herndon Complete Transfer of Land in Public Private Partnership"},"content":{"rendered":"

\nComstock Acquires 4.7 Acres of Land for Mixed-Use Development in Herndon
\n<\/h2>\n
\n

RESTON, Va., Dec. 16, 2020 (GLOBE NEWSWIRE) — Comstock Holding Companies, Inc. (Nasdaq: CHCI) (\u201cCHCI\u201d) is pleased to announce that Comstock Herndon Venture, LC (\u201cComstock\u201d) and the Town of Herndon, have closed on the transfer of land in historic downtown Herndon that is the subject of a public-private partnership between the parties. Comstock\u2019s planned redevelopment of the 4.7 acre parcel is the centerpiece of Herndon\u2019s revitalization plan for its historic downtown. Comstock and its design team worked closely with Town officials to develop a plan that is exciting, while honoring the historic character of Herndon\u2019s downtown. The plan earned the unanimous approval of the Herndon Historic District Review Board in 2019.<\/p>\n

\u201cWe are excited to have completed this important part of the process and look forward to redeveloping this key piece of downtown Herndon into a vibrant mixed-use development,\u201d said Christopher Clemente, CEO of Comstock. \u201cThe closing represents an important milestone for this public-private partnership and positions the partnership to focus on finalizing the details regarding the financing of the development.\u201d<\/p>\n

Located approximately 1.5 miles from the new Silver Line\u2019s Herndon Station at the intersection of Elden and Center streets, the planned development will be adjacent to Herndon\u2019s Old Town Hall, the W&OD trail, established restaurants and retail stores, and the Town Green, site of events and concerts throughout the year. Comstock\u2019s development\u00a0will include approximately 273 residential apartments, 17,300 square feet of boutique restaurant and caf\u00e9 space, a 16,265 square feet arts center, three public plazas with outdoor seating and dedicated art, and a seven-level parking garage with 726 spaces.<\/p>\n

\u201cThis project is the culmination of years of careful planning and will result in an exciting, 21st<\/sup> century downtown that respects both our proud history and our vision for Herndon\u2019s future,\u201d said Lisa Merkel, Herndon\u2019s Mayor. \u201cDynamic living spaces, retail, restaurants, the arts \u2013 all will come alive in downtown Herndon as a result of our collaboration with Comstock.\u201d<\/p>\n

\n About the Town of Herndon<\/strong>\n <\/p>\n

Established in 1879, Herndon is the third largest town in the Commonwealth of Virginia. Herndon is located in western Fairfax County, approximately 22 miles from Washington, DC, and is home to approximately 24,500 residents. Herndon\u2019s businesses range from entrepreneurially-owned establishments to Fortune 500 companies.<\/p>\n

\n About\u00a0Comstock Holding Companies, Inc.\u00a0<\/strong>\n <\/p>\n

Comstock Holding Companies, Inc. (\u201cCHCI\u201d) is a leading real estate developer, investor, asset manager and real estate related service provider that has designed, developed, constructed and managed several thousand residential units and millions of square feet of mixed-use projects since 1985. The Company has been selected by multiple local governments to be master developer of municipally owned properties redeveloped through public-private partnerships. CHCI\u2019s managed portfolio includes two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area; Reston Station, a 5+ million square foot transit-oriented and mixed-use development in Reston, Virginia, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, Virginia, and additional development and stabilized assets. CHCI also acquires and operates stabilized real estate assets in partnership with institutional investors.\u00a0<\/p>\n

Comstock Holding Companies, Inc. is publicly traded on\u00a0NASDAQ\u00a0under the symbol CHCI. For more information, visit\u00a0www.ComstockCompanies.com<\/a>.<\/p>\n

\n Cautionary Statement Regarding Forward-Looking Statements<\/strong>\n <\/p>\n

This release may include “forward-looking” statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect,” “will,” “should,” “seeks” or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading “Risk Factors” in our latest Annual Report on Form 10-K, as filed with the\u00a0Securities and Exchange Commission. CHCI specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.<\/p>\n

\n Comstock Companies Media Contact<\/strong>
\n
Shanna Wilson
shanna@eincomm.com<\/a>
917-674-3096<\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Comstock Acquires 4.7 Acres of Land for Mixed-Use Development in Herndon RESTON, Va., Dec. 16, 2020 (GLOBE NEWSWIRE) — Comstock Holding Companies, Inc. (Nasdaq: CHCI) (\u201cCHCI\u201d) is pleased to announce that Comstock Herndon Venture, LC (\u201cComstock\u201d) and the Town of Herndon, have closed on the transfer of land in historic downtown Herndon that is the subject of a public-private partnership between the parties. Comstock\u2019s planned redevelopment of the 4.7 acre parcel is the centerpiece of Herndon\u2019s revitalization plan for its historic downtown. Comstock and its design team worked closely with Town officials to develop a plan that is exciting, while honoring the historic character of Herndon\u2019s downtown. The plan earned the unanimous approval of the Herndon Historic District Review Board … <\/p>\n

Continue reading “Comstock and the Town of Herndon Complete Transfer of Land in Public Private Partnership”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-400937","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nComstock and the Town of Herndon Complete Transfer of Land in Public Private Partnership - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/comstock-and-the-town-of-herndon-complete-transfer-of-land-in-public-private-partnership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Comstock and the Town of Herndon Complete Transfer of Land in Public Private Partnership - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Comstock Acquires 4.7 Acres of Land for Mixed-Use Development in Herndon RESTON, Va., Dec. 16, 2020 (GLOBE NEWSWIRE) — Comstock Holding Companies, Inc. (Nasdaq: CHCI) (\u201cCHCI\u201d) is pleased to announce that Comstock Herndon Venture, LC (\u201cComstock\u201d) and the Town of Herndon, have closed on the transfer of land in historic downtown Herndon that is the subject of a public-private partnership between the parties. Comstock\u2019s planned redevelopment of the 4.7 acre parcel is the centerpiece of Herndon\u2019s revitalization plan for its historic downtown. Comstock and its design team worked closely with Town officials to develop a plan that is exciting, while honoring the historic character of Herndon\u2019s downtown. 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