Northwestern Mutual purchased the 168-acre property in 2005 for $5 million, and according to GlobeSt.com, the land is currently valued at more than $25 million. Developers continue to have interest in buying and developing the property, despite the owner’s failure to do so last year after many legal hurdles.
It’s no secret that developers want Reston (Va.) National Golf Course, despite the objections of the community. According to a recent report from GlobeSt.com, the 168-acre property’s value has increased five-fold since 2005, the Reston Patch reported.
The golf course currently owned by Northwestern Mutual could sell for more than $25 million. According to the Washington Post, the golf course was purchased in 2005 for just $5 million, Patch reported.
The figure shows just how hot property continues to be in the Reston area. And it highlights the growing conflict between Reston residents and the out-of-town developers looking to swoop in on a prime investment opportunity, Patch reported.
It all started in early 2015 when Northwestern Mutual pushed Fairfax County officials to build homes on the golf course property, but residents who still value it as one of the last vestiges of open space in the increasingly cluttered Reston landscape mounted a fierce opposition to the proposal. Northwestern gave up the legal battle about a year ago, Patch reported.
But it appears the allure of the golf course property is just too much for developers to bear. Investment advisory firm ARA Newmark confirmed last month that the golf course is being put up for an “as-is” sale, Patch reported.
Catherine Hudgins, Reston’s representative on the Fairfax County Board of Supervisors, issued a warning on Monday to would-be developers, noting that any purchaser faces many legal hurdles if they want to redevelop the property, Patch reported.
It raises the question of just how many times Reston residents can beat back attempts to scoop up the golf course and turn it into a new housing complex. Clearly, developers think they’ll only be able to hold out for so long, Patch reported.
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