Land Use and Real Estate 101 Why it matters? A tale of a real win- win in development.

The Development Industry often gets a bad name and sometimes justifiably so. Three years ago, Holladay Properties in cooperation with Prince William County Economic Development and with assistance from George Mason University's Science and Technology Campus, decided to open a 30,000sf Level 2 Bioscience Lab. To build such a venture as a private company is difficult as the price of construction per square foot is approximately $500psf. To make it more expensive, it was decided to make this a turnkey laboratory with all the furnishings and fixtures in place. George Mason helped with the design expertise while Prince William helped the Developer receive Economic Development Incentives which allowed the project to move forward.

The project was delivered at the height of the Covid pandemic and several of the tenants did research on such. As Covid wound down there has been a new focus on types of research being done. What has made this project a Win-Win, is the University has a new outlet for their Science focused students for internships and employment, The Developer has a valuable asset that turns a reasonable profit, and the County has established a Hub for the Life Science industry. The real winners though are the public, as this facility and it's researchers have developed Pseudo-viruses that allow for better testing, a possible vaccine for HIV, prebiotics, and research into Lyme Disease.

Development can be positive if it has a community focus! It is possible for the developer and the public both to WIN! I am happy to have been a part of this project overseeing the entitlements, economic incentives, and the Project Management.

Message me if I or my associates at Bean Kinney & Korman can be of assistance.