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But won't their property taxes increase accordingly ... i.e., the land value goes up because of the proximity to the stations (or promised proximity) as soon as the news gets out ... which in turn pushes up the value of the property as reflected in increased selling prices ... which then increases the assessed value ... resulting in increased taxes on the landowners. So, isn't what you're proposing effectively taxing them twice for the same service?

The increased taxes from appreciating property values won't be sufficient to pay for the line. Adding an extra tax to fund the line will still leave land owners with a nice profit. Below is an example story of a Tysons land owner making a killing off the Silver Line...shouldn't we tap into that profit to help pay for the line?

In the summer of 2009, West-Group — then the single-largest landowner in Tysons Corner — devised a plan to cash out of its real estate holdings in one fell swoop: It would sell 24 buildings on 142 acres in Tysons...West-Group was subsequently inundated with a flurry of interest from institutional investors and regional developers who wanted to expand their presence in Tysons. The portfolio’s popularity stemmed from the fact it has the redevelopment potential of several million square feet because of a Fairfax County land use plan that would allow far greater densities around the four new Silver Line Metro stations under construction in the otherwise traffic-clogged area. The county’s Board of Supervisors approved that visionary mixed-use plan in June 2010.

Just a month later, West-Group’s portfolio had a buyer: DLJ Real Estate Capital Partners, an entity of Credit Suisse Group AG. The deep-pocketed financial services group plunked down $222 million in cash to scoop up what remained in the portfolio. Local brokers say West-Group lowered the sale price after Fairfax County supervisors approved less density than developers had originally envisioned in the area.

Before 2010 was up, DLJ surprised the market again by selling seven of the buildings for $140 million, after owning them for about five months. DLJ strategically kept the eight buildings closer to the new Metro stations that are prime redevelopment targets under the new plan for Tysons Corner, which is slated to become a walkable, mixed-use city centered on the Silver Line during the next few decades.

by Falls Church on Dec 8, 2011 3:23 pm • link • report

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