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Loudoun Parkway Commons

Negotiating from a Developer’s Perspective

In mid-2001, Jim Wright (representing James Michael Companies) engaged in aggressive bidding with several leading developers to acquire a strategically-located building site on the Loudoun Parkway. He succeeded in offering the landowners a successful deal.

But soon afterward, in the downward post-9/11 economic spiral and technology tailspin, the site’s development was postponed.

By 2004, Wright saw that economic conditions in northern Virginia had stabilized. He convinced his investment partners and that new commercial space was bankable – but in a different format than previously intended. JMC repositioned the property from a data center (its original offering) to office space and warehouses.

“In every situation, I try to have an alternate plan — a ‘what-if’ route to take if the scenario changes,” says Wright. “This was most certainly the case with Loudoun Parkway Commons. When we saw the turn in economic conditions after September 11, we put the project on hold. Later, when the time was right, we developed the property to fit the shifting commercial needs we discovered in northern Virginia.”

Wright’s ability to be flexible and find be one step ahead of the process paid big dividends. Six months after construction began in summer 2005, Loudoun Parkway Commons was sold out. The two-part structure houses commercial condominiums and warehouses. A larger building, comprised of 22 units, totals 120,000 square feet. The second building is free-standing, and is made up of 6 units totaling 30,000 square feet.

“I never want to be left empty-handed if things go awry,” says Wright. “I’ve learned that keeping options open and always looking out for the needs of those around me are two keys to success — not just in real estate, but also in life.”

Loudoun Parkway Commons
Ashburn, VA
Design: Architecture, Inc.
Development Management: Orr Partners
General Contractor: Tucon Construction
Brokerage: Commonwealth Commercial, Inc.
Be prepared in season and out of season. (2 Timothy 4:2)

Featured property:

Loudoun Parkway Commons

News:

Loudoun Parkway Commons sold out in six months 


James Michael Companies • A Jim Wright Company • • We Build Ownership • © 2007 All rights reserved