If you thought INOVA Fairfax was slowing their expansion on the current site between Gallows Rd and Woodburn Rd you likely would be wrong. As it turns out, as soon as their ambitions ran out of space on the current side of the road they just moved across it! They are now now reportedly planning to take over the huge soon-to-be-vacant Exxon campus across the street.
The 117-acre lot currently has four Modern Office Workstations buildings and a lot of trees on it and is located between Gallows Road in I-495. The lot is 2-3 times the size of the current INOVA campus.
The deal is for a 99 year lease with a right of first refusal to purchase the property. The estimated $200 million dollar first phase of the center may open in 2017 or 2018.
The new site should provide lots of space for INOVA Fairfax. Their initial plans are for a medical center with a focus on genomics, cancer research and a Center for Personalized Medicine.
The new center is hoped to help position Virginia as a destination and authority in the still young genomics field and to attract new investments and jobs.
The area around Woodburn Village is being heavily developed by INOVA and the health related service industry even before this latest announcement. Many of the new jobs will come with “normal” wages so the demand for close and reasonably priced homes and rents will keep rising. We expect real estate value sand rents at Woodburn Village should do great short and long term. We routinely recommend Woodburn Village to our buyers and investor clients.