One Loudoun Collapses

Just another foreclosure.

A mixed-use development once touted by county leaders as “the biggest and most integrated center in Loudoun County” is now facing foreclosure.

One Loudoun, planned as a town-center-style development on 358 acres at Route 7 and Loudoun County Parkway, will be up for a public auction on Sept. 28 at the county courthouse, according to trustees’ sale notice.

The McLean-based developers of the property, Miller & Smith, declined to comment on the proceedings.

According to a March 21, 2007, deed of trust, Goldman Sachs Commercial Mortgage Capital lent the developer $125 million to fund the project.  – Loudoun Times-Mirror

The good news is the County got an interchange and construction of Russel Branch Parkway out of it before it collapsed. The bad news is that the County will not get the projected commercial and tax benefits from that area and another political battle will doubtless be fought over the site after the auction.

(With a tip-o-the-hat to Loudoun County Real Estate.)

3 thoughts on “One Loudoun Collapses

  1. Leej

    What most of you are not seeing. Is the tax collapse of Loudoun. When first class companies like Miller and Smith have these kind of problems. Well guess what who will be left to PAY most of the fat butt bureaucrats  salaries around here.

    bureaucrats have no clue where the money comes from, just keep printing it. and when entrepreneurs like me don’t want to create real jobs outside of the government and just want to live off the government. there just will not be any money to pay for the fat ass lazy government worker.

    I am so happy to be going back to Texas where we create real jobs and look at the lazy and entitled government workers. I know what I am talking about. I have a neighbor that works from home that works for home land security. and he knows more about my life then I do when I talk to him. the funny part I am a total nothing when it comes to the universe, so what is his interest.  

  2. Elder Berry

    And yet the majority on the board of supervisors approved Kincora anyway. Those who do not learn from the past condemn us to repeat it.

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