![]() ![]() Significantly, the FAR formula incorporated a portion of Fairfax County's 2000 Comprehensive Plan (“2000 Plan”) entitled “Transit Station Areas,” which specified the expected fixed amount of FAR that would be available to properties located around a new Metro rail station in Tysons Corner such as the Capital One Property and neighboring properties. The Agreement in § 28.7(b) and the Declaration in 4 contain identical language in setting forth the FAR formula. Under this “shar” formula, Capital One Financial would receive the first 200,000 square feet of such FAR and the remainder would be fractionally divided between the two parties. West*Group was also given the right to repurchase the Capital One Property if Capital One Financial sought to sell or lease it, including any FAR associated with it, within a ten-year period.įurthermore, because the parties anticipated that the Metro rail system's expansion would result in the County allowing more development density in the area, they included a specific mathematical formula (“FAR formula”) to apportion between West*Group and Capital One Financial any additional FAR that might become “available” to the Capital One Property. An eight-year restriction on Capital One Financial's right to apply for additional FAR rights from the County was imposed. The parties included provisions in the Agreement and Declaration restricting Capital One Financial's use and development of the Capital One Property. FAR is commonly expressed in square footage and using that formulation, as set forth in the Agreement and recorded Declaration, West*Group transferred 1.1 million square feet of FAR to Capital One Financial from the total amount of FAR allocated for the Office Park Property by the County. ![]() Thus, with this cap on FAR in place, an allocation of more FAR for the Capital One Property meant that less FAR would be available for West*Group's remaining parcels, and vice versa. For example, a FAR of 1.0 means the gross floor area of the building(s) must not exceed the area of the parcel, whereas a FAR of 2.0 means the gross floor area of the building(s) must not exceed twice the area of the parcel. FAR is the relationship between the total amount of a building's usable floor area and the total area of the parcel upon which the building stands. At the time of the sale, the Office Park Property was subject to a numerical cap on the development density under Fairfax County's Comprehensive Plan by the allocation of a maximum amount of floor area ratio (“FAR”) for the properties in that area. In 2000, WG Land's predecessor, West*Group Properties, LLC (“West*Group”), subdivided an office park (“Office Park Property”) in the Tysons Corner area of Fairfax County and sold approximately 29 acres of the park (“Capital One Property”) to Capital One's predecessor, Capital One Financial Corporation (“Capital One Financial”), pursuant to the terms of the Agreement and a related Supplemental Declaration and Restrictive Covenant (“Declaration”). Concluding there is no reversible error in the judgment of the circuit court, we affirm. WG Land also challenges the court's award of attorney's fees to Capital One. WG Land challenges the circuit court's dismissal of its suit against Capital One instituted on allegations that Capital One breached the Agreement and certain related covenants by Capital One's development of the property acquired under the Agreement. (“Capital One”) is the assignee of the purchaser. Appellant RECP IV WG Land Investors LLC (“WG Land”) is an assignee of certain rights of the seller under the Agreement and appellee Capital One Bank (USA), N.A. ![]() This case involves a dispute over contractual provisions in a real estate purchase agreement (“Agreement”) allocating future development rights for properties located near a new Metro rail station in Tysons Corner. Guy, Tysons Greenberg Traurig McGuireWoods, on brief), for appellee. Ashwell, Roanoke Watt, Tieder, Hoffar & Fitzgerald Woods Rogers, on briefs), for appellant. ![]() PRESENT: Lemons, C.J., Goodwyn, McClanahan, Powell, Kelsey, and McCullough, JJ., and Koontz, S.J. ![]()
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