The consulting firm of Alvarez and Marsal told the Falls Church high school property economic development working group that the value of the 10 acres of the 36 acre site identified for commercial use is $43.5 million, slightly more than City officials expected, and that the City could capture the entirety of the funds by the end of 2022. The City is planning on using the money to offset the cost of a new high school, which could top $120 million and will be subject to voter approval of a school bond referendum in November.
The assumptions of the consultants’ report, which was a 10-day exercise and awaits some further refinements, includes the adoption of a four-year old Urban Land Institute team’s overnight, back of the envelope recommendation for the land development that designated land off the intersection of Route 7 and Haycock Road as the best area for commercial use. It also did not include any consideration of what surrounding property owners may or may not wish to do themselves or contribute to the plan.
The consultants’ assumptions also included a heavy underground parking component and major multi-family, condominium, senior restricted and affordable housing components.