The Board of Supervisors approved Capital One’s proposed redevelopment of its Tysons corporate headquarters on Tuesday, which includes development of a premier event center and upscale grocer Wegmans. The approval allows the financial institution to add more office, retail and hotel space to its more than 5.2 million-square-foot project.
The 125,000 square-foot Capital One Center is a key amenity specifically called out in the plan to remake Tysons into Fairfax County’s urban downtown. The mixed-use facility will be developed primarily to support the bank’s trainings/meetings, and it includes a 1,500-seat auditorium, 225-seat black box theater and two classrooms, which will offer a state-of-the-art main hall with orchestra pit, a fly system, dressing rooms and lighting, sound and rigging systems. It will be capable of hosting everything from Capital One’s corporate events to publicly-accessible performing arts events, such as symphonies, local arts exhibits and school graduations.
Under a 30-year agreement signed by the Board of Supervisors, the county, along with arts, charity, nonprofit and community groups, will have access to the center for a specified number of days each year — 30 days for the main auditorium; the black box theater for 70 days; and the two classrooms for 224 days.
As part of its build out of its 24.5-acre campus, Capital One signed a lease with Wegmans for an approximately 80,000 square-foot, urban style store on the same block as the Capital One Center.
Construction is expected to start in 2018.
The final development will provide more than four acres of parks and open space with nearly two acres on top of parking garages. The largest park, the 1.2-acre common green, will be situated 7 stories up on top of the parking garage above Wegmans. This elevated park will offer a lawn, seating areas, bocce courts and a game plaza.
Capital One also will build two permanent athletic fields as part of an elevated park that includes a playground, pickleball court and a water feature.
Under a joint deal, the developer for the nearby Anderson Park, formerly called the Commons, will build another athletic field to help Capital One meet its athletic field requirement. In exchange, the bank is building the Capital One Center to meet LCOR’s public facility requirement.
In total, the bank’s redevelopment plan calls for 12 new buildings spread across five blocks on its property located between the Beltway, Route 123 and Scotts Crossing Road. Capital One will keep its existing 14-story office headquarters, along with the current two-story conference center. It’s nine-level parking deck will be temporarily expanded with another two levels, but the structure may ultimately be torn down to make way for two high-rise office buildings.
Development is already under way with the ongoing construction of the bank’s new 32-story headquarters. At 470 feet, this building ranks as the second tallest in the D.C. region behind the Washington Monument, which is 555 feet. It also will serve as the iconic anchor for the transformed campus.
When the new office headquarters is occupied, which the company expects to be in 2018, the bank will employ about 5,000 people at its campus. This makes the Fortune 500 company one of the county’s largest employers.