Ground-breaking for the Springfield Mall renovations is set to take place in 30-60 days. It has been reported that Vornado Realty Trust paid $115 million to reacquire its loan as well as $25 million to acquire a partner's interest in the property. This transaction is reportedly going to give Vornado a $98 million profit for 2010.
According to Fairfax County Supervisor Jeff McKay, Vornado has been busy processing site plans and building permits with Fairfax County. The project has four phases. Phase I involves renovating the interior of the current buildings. The movie theatre will return and a new food court will be built. Phase I also includes improvements and additions of buildings along Loisdale Road. Phase II involves the addition of second floor office space as well as new buildings along the perimeter of the property. Phase III is set to include a major high density hotel similar to the Springfield Hilton across the street. Condos and townhomes will round out the project in Phase IV. The phases and the order in which they are completed will be dependent on the market- a market that has so far kept this project from moving forward.
Time frames for completion have not been released, however, since renovations will take place while the mall is open, it is thought that the entire project will take 10 years to complete.
A little known fact is that VDOT and Fairfax County heavily debated the transportation improvements for the area, VDOT wanting to widen Loisdale road and add extra lanes to the Franconia-Springfield Parkway. However, Fairfax County prevailed in those discussions and will get their mixed-use, pedestrian-friendly town center. An unofficial Springfield Road Fund has been established as part of the project, with monies going to improvements all over Springfield, not just the mall areas.
McKay also added that Springfield Town Center will more resemble Pentagon City than Tysons Corner or Reston Town Center. Currently residents in Springfield must travel to Tysons or Fair Oaks to enjoy quality shopping. Springfield Mall will answer the mail on this problem.