Dear Friends of EYA,
2022 can only be described as two completely different years combined into one.
Throughout the first half of the year, we saw record sales demand and celebrated our 30th anniversary. The 30th-anniversary party featured everyone in the EYA family dancing the night away with Shamarr Allen and his song, "Weekend Dance!"
The second half of the year saw the Federal Reserve Bank institute multiple interest rate hikes trying to cool rapidly rising inflation. This quickly chilled the sales market and created great economic uncertainty. At the same time, our construction teams delivered record numbers of homes. While we continued to face challenges due to the lasting effects of COVID-19, we accomplished more this year than ever before through collaboration, problem-solving, and continuing to tirelessly work hard to do right by our customers, partners, and colleagues.
As we look to 2023 and beyond, we will continue our keen focus on commercial, retail, and institutional to residential/mixed-use transformations, public-private partnerships with local jurisdictions and agencies, and market-oriented mixed-income communities
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Over the next 24 months, we plan to open six new communities, our four 2023 openings exemplify and showcase EYA's unique development capabilities. |
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Tysons Ridge
Tysons, VA
Office to Residential
Located at 7700 Leesburg Pike, just inside the beltway in Tysons Corner, Tysons Ridge is a 104-unit luxury townhome community targeted at professionals and empty nesters working in the mature Tysons submarket. The site was a former low-rise office building that was extremely challenging to lease. EYA contracted with the landowner at a price well above its as-is commercial value and rezoned the property to residential through a complex Fairfax County entitlement process creating significant additional value for the landowner.
Tyson’s Ridge represents EYA’s ability to identify underutilized commercial properties in highly sought-after urban locations and successfully transform their use into high-value residential communities.
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Farmstead District
Rockville, MD
Retail to Residential
Opening later in 2023, Farmstead District will include 370 townhomes and two-over-twos on a 20-acre parcel within walking distance to the Shady Grove Metro. The fully amenitized community will feature a community club house including a pool and resort-style fitness and lounge areas. Adjacent to the site is a 25-acre recreational amenity offering dog parks, tennis and pickleball courts, a playground, and full-size ball fields. Grocery-anchored retail is also a short walk away. The site was a former automobile dealership.
EYA solved a complex entitlement process that included annexing half the site into the City of Rockville which required the support of both the City and The Montgomery County Council to avoid the 5-year rezoning delay typically associated with annexations that up zone properties.
EYA led the entitlement, will build homes at the site and will serve as the master developer. EYA brought Pulte into the community to maximize the value to the landowner and to reduce risk to our investor. The community is targeted to young professionals and empty nesters seeking a close-in Montgomery County location at an attractive price point.
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Reservoir District
Washington, DC
Public-private Partnership
The Reservoir District is located on a 25-acre property adjacent to the Washington Hospital Center and bounded by South Capitol Street and Michigan Avenue. This is a project that is over 10 years in the making and is a partnership between EYA, Jair Lynch, the Trammel Crown Companies, and the District of Columbia. The site was acquired from the City in a complex public-private partnership. The total buildout will include over 1.5 million sq ft of FAR including office, retail, multifamily, townhomes, and a city-owned community center and park. EYA will be building 146 new modern urban townhomes.
EYA led a complex entitlement effort that successfully navigated significant historic preservation requirements, a complex PUD and community opposition, and appeals.
EYA and the partnership's patience and diligence ultimately led to a groundbreaking in 2022. EYA is leading the land development efforts to prepare the site for development. The combination of the site's scale, its excellent location, and its innovative mix of uses will ultimately result in a landmark project for the City.
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The Laureate
Rockville, MD
Multifamily
Over the past decade, EYA has built an institutional-grade multifamily development capability and we now have a pipeline of more than 2,500 units throughout the region. In the first quarter of 2023, we will deliver our third apartment community in Montgomery County. The Laureate is the second of three multifamily phases at EYA’s 45-acre Westside at Shady Grove Metro redevelopment and follows our successful exit of The Daley in 2019. The Laureate is a 7-story podium building featuring 268 apartments (81 affordable), 21,000 SF of retail (including a CVS), and 7,400 SF of pre-leased office.
Westside is a public-private partnership between EYA and Montgomery County, and the Laureate is a public-private partnership between EYA, Bozzuto, and the Housing Opportunities Commission of Montgomery County (HOC).
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To learn more or to speak with us about a potential project, email Aakash Thakkar, Chief Acquisitions Officer.
About EYA
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For over 30 years, EYA has been a market leader in the development of large-scale, urban infill residential projects. With expertise in for-sale, multifamily, and mixed-income housing, EYA has created over 45 exceptional neighborhoods that are home to more than 10,000 residents across Washington, DC, Maryland, and Northern Virginia. |
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References to "EYA" refer to EYA, LLC. EYA, LLC’s development affiliates build homes in the Virginia, Maryland, and Washington, DC metropolitan area. Individual projects are developed and sold by EYA-affiliated entities, and all representations regarding the development, construction, or sale of any project or property refers to those affiliates. Buyers should carefully review their purchase and sales agreement regarding the identity of the seller before purchasing. EYA Marketing LLC markets, advertises, and sells each EYA affiliated property as agent for the seller. |
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