The Pavilion Test
News-Press Editorial
By Nicholas F. Benton (nfbenton@fcnp.com)
We are pleased to report that the Falls Church City Council is poised to approve this Monday a preliminary "first reading" OK for a third attractive and lucrative large-scale mixed-use project on West Broad Street, called The Pavilion. With 191 residential condominium units, 30,000 square feet of new retail, and 32,000 square feet of office condominiums, this is the most impressive of the three projects brought forward to date (The Broadway nearing completion and The Byron, at the site of the Red Lobster, approved to begin construction in the spring). Not only will The Pavilion generate the most net revenue to the City of the three, it comes with up-front gifts to the City of almost $3 million in value and will have the most aesthetic appeal. It will welcome sidewalk dining and a pedestrian-friendly ambiance designed to appeal to and attract City residents to its unique retail offerings.
But it is important to cut to the heart of the matter in this case, with a big, unavoidable tax increase facing City residents in the coming new budget this spring and an important City Council election in May.
In addition to the $3 million in combined cash and performance proffers to the City, the project, when completed, will deliver $768,000 in net revenues to the City through taxes in the first year, and $746,000 annually after that. This, according to the City's own carefully-crafted economic model. In little Falls Church, that's a lot of money.
Instead of bemoaning the fact that there's no regional market to support an all commercial use on the site, in fact this project is by far the "highest and best use" of the 2.5 acres under any conditions. The five-story office building originally contemplated for the site would have, according to the City's model, yielded no more than $308,000 per year. Currently, the mostly-vacant site is yielding $43,000 a year, and if The Pavilion is not approved and a "by right" single-pad retailer, such as a chain drug store, went there, the yield would be $100,000 or less.
In the name of the City's taxpayers and their families, and its continued ability to afford the quality education and quality of life citizens expect here, the Council has a duty to see to it The Pavilion is built, with careful attention to making sure it is done right.
In fact, it is so important that we consider it a crucial test for this City Council, three of whose members are up for re-election in May. For our money, we'll state right now that if the Council is capable of navigating through an approval of this project, then it will have shown a quality of leadership deserving of the public's continued support and re-election in May. If it fails, and this project is forced to give way to indefinite delay, or even an economically-disastrous single-pad alternative, then we'll take that as a sign of failed leadership and the need for a change.
|