A new community is planned an hour's drive outside Washington, D.C., bringing the promise of hundreds of market-rate residences.
Hines, a Houston-based development firm, plans to build 320 single-family homes and townhouses with Washington, D.C.-based JR Real Estate Group. The project, known as Thomas Farm at Bristow Station, will span 80 acres, according to a Hines press release.
The project will bring a wealth of new residences to Prince William County, an area in Virginia bordering Fairfax County and known for housing more affordable residences for the D.C. workforce.
Last year, Hines acquired two land development lots, including 245 acres in Loudoun County, Virginia, and nearly 13 acres in Manassas, Virginia. The two parcels are being developed into master-planned communities, adding over 1,200 single-family homes to the Washington D.C. submarkets. Hines also has 775 single-family detached homes with extensive amenities in Loudoun County, according to the news release.
The new master-planned project will offer a clubhouse with a pool, dog park, pickleball and basketball courts, a playground and a walking trail.
The project will cost $122 million, according to news reports.
The median sales price for single-family homes, townhouses, and condos combined was $580,000 in May, according to the Prince William Association of Realtors. By comparison, Washington, D.C, had a median sales price of $710,000, according to the District of Columbia Association of Realtors.