D.C.-based developer Foulger-Pratt has terminated an agreement with Fairfax County, Virginia’s Redevelopment and Housing Authority for hundreds of affordable apartments and a new library at Reston Town Center, citing costs.
In canceling the project, Fairfax County said the developer blamed both significantly higher construction costs and higher interest rates.
In its termination letter, Foulger-Pratt estimated the project’s costs had increased 24% from original estimates.
Foulger-Pratt launched an affordable housing division last fall.
The Reston Town Center was to be constructed on 4.5 acres at Bowman Towne Drive and Town Center Parkway. The buildings were planned to have 350 rental apartments, and would’ve replaced the county’s much smaller, existing affordable housing at the same location.
It would also have included a 40,000-square-foot regional library.
Foulger-Pratt proposed the project in 2021. In December, the county signed an interim agreement with the company to begin initial steps on the project.
Both the existing affordable housing units and regional library at Reston Town Center have reached the end of their lives, the county said. It will pursue other options to replace them, including public-private partnerships.
