A deal to acquire a sprawling 225-acre piece of land in Northern Virginia is nearing completion.
Local real estate mogul Chuck Kuhn, who is also the founder and CEO of JK Moving Services, signed a deal to obtain Waterside’s progression from a subsidiary of the Gudelsky Group for an as-yet-undisclosed price, according to the Business Journal.
The Waterside is located in Loudoun County, Virginia, near the new Innovation Center Silver Line Metro Station, and is currently benefiting from 3 million square feet of mixed-use development. Assets include the Chantilly crushed stone quarry, which Gudelsky also owns.
Waterside’s assets have been constantly courted and courted by large acquisition deals in recent years. Loudoun County and the state of Virginia introduced the site in 2018 as part of their joint bid for Amazon’s Headquarters 2; the e-commerce giant eventually split its second headquarters between Crystal City, Virginia, and Queens, New York.
Four years later, in 2022, Washington commanders set out to buy the site while the professional football team searched for a new site for the stadium, but Gudelsky ultimately refused.
Kuhn has bought and sold land in Loudoun and Prince William counties in recent years for the development of the knowledge center. This includes 124 acres in Prince William that he traded to Microsoft in March for a whopping $465. 5 million, after paying just $47 million for it in 2020.
Still, Kuhn’s purpose for Waterside—approval of the agreement—doesn’t seem to come with the development of the knowledge center. Kuhn will submit a conceptual plan to Loudoun County later this quarter, he told the Business Journal, which will include residential, commercial and stand-alone projects. Flexible, gentle commercial and some entertainment and workplace novelties.
Kuhn and Gudelsky did not respond to requests for comment.
In any case, Loudoun County officials seem to have less and less patience with knowledge center assignments. The county’s Board of Supervisors indicated last month that it would likely reject BlackChamber Group and Fairfield Residential’s proposal for a mixed-use housing and knowledge center allocation in Sterling, Virginia.
Earlier this year, Loudon County lawmakers also began contemplating a law that would restrict where knowledge centers can be built in the county, as well as what they look like, while requiring them to expand their own power instead of connecting directly to local electrical energy. networks.
Nick Trombola can be reached at NTrombola@commercialobserver. com.
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