Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.
ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn.
The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park.
At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers.
The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification.
The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground in early 2022. Phase 1A of development — set to open in 2024 — will include 250,000 square feet of office space.
Novais Partners is a national commercial real estate owner and developer. The company is owned by four real estate development and investment firms — Origami Capital Partners, Timberline Real Estate Partners, Open Realty Advisors and Rebees.
Houston, Texas-based Hanover Co. is a private real estate company focused on the acquisition, development and management of high-quality multifamily properties across the U.S. The company currently has a development pipeline of 62,000 units totaling $15 billion.
— Katie Sloan