One Loudoun, a mixed-use project proposed in September 2007 when Miller & Smith held a groundbreaking ceremony, was a project that found itself in trouble with the real estate downturn when the company and its partners stopped construction on the project after falling deeply underwater on a loan from Goldman Sachs. This week, however, Sekisui House Ltd. — headquartered in Osaka, Japan and one of the world's biggest homebuilders — is partnering up with Miller & Smith to buy the Goldman Sachs note and foreclose on the previous ownership group, kickstarting the massive project in Ashburn, Virginia, just outside the Beltway from Washington, DC.
The new development is a 358-acre master-planned community in Loudoun County that will feature 1040 residential homes, 702,000 square feet of retail space, 3,000,000 square feet of office space, a community center, and an amphitheater -- all surrounded by approximately 150-acres of public land and miles of walking trails. One Loudoun will also be home to the World Trade Center Dulles Airport, projected to generate up to 14,000 new jobs.
Satoshi Yoshimura, president and Chief Operating Office for Sekisui House's North American unit, said the Washington area was one of the American markets the company had targeted because of the federal government's expansion and the diverse range of the area's employers in a Washington Post article. "D.C. is not so much damaged by the financial markets crisis," he said.
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