More than 50 area real estate executives and Mason MS in Real Estate Development students gathered at the Tower Club last week to hear Stephen Cumbie, chief executive officer of NVCommerical share his insights on the redevelopment of Tyson’s Corner over the next several decades. NVCommercial will be developing a six-acre parcel adjacent to the new Tyson’s Central 7 metro station.
Central to the urban vision for Tyson’s is equalizing the ratio of people living in the area to those working there—as much as possible, said Cumbie, a founding member of Mason’s Center for Real Estate Entrepreneurship board. NVCommercial’s current development proposal calls for apartments, destination dining and an outdoor promenade, as well office, hotel and retail space, as for a total of one million square feet. The area, where 150 people now work, will become home to more than 1000 residents and a work destination for more than 1800.
Cumbie’s advice to the Mason Real Estate graduate students–Get to know the millennials…what they’ll need and want. “I believe that demographics are the most underused tools in economics,” he said. “I built my career around anticipating the needs of the baby boomers. The millennials are an even larger group.”
NV Commercial CEO Stephen Cumbie, Mason real estate grad student Erik Taylor, and School of Management Dean Jorge Haddock discuss the future of Tyson’s Corner. By 2050, it is estimated that more than 100,000 will live in the Tyson’s area and more than 200,000 will work there. For more information on the vision for Tyson’s including land use guidelines, environmental stewardship and transportation objectives see the Comprehensive Plan for Tyson’s Corner.