Springfield Mall Renovation Set to Begin in March or April

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Real Estate Agent with RE/MAX Executives VA0225060364, MD638478

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.

However, it is likely that Phase I will be first. It makes sense, says McKay that with anchor stores Target and JCPenney recently completing their renovations at a significant cost.

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.

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Cathy Valdiviez Baumbusch, REALTOR. Licensed in VA, MD, and DC. 

Red Dress Realty at RE/MAX Executives

DIRECT: 202-630-2MOV 

8442 Old Keene Mill Rd., Springfield, VA, 22152

2704 Richmond Highway, Alexandria, VA 22301

Cathy has lived in the DC Metro area since 1996. She currently lives in West Springfield, VA. Licensed since 2001 and serves clients in Virginia, Maryland and the District of Columbia.

Cathy's service area includes Fairfax County, Alexandria, Arlington, Falls Church in Virginia and Prince George's, and Montgomery County in Maryland., and of course. 

Cathy has an excellent track record getting short sales approved and closed. Cathy can also facilitate buying and selling real estate anywhere in the world. 

Cathy is a VHDA Certified Trainer and she has taught classes on buying short sales, HUD homes, and foreclosures and social media marketing classes through Fairfax County Public Schools Adult and Continuing Education Program. 

Cathy is a retired Army Reserve Major and an accomplished singer with a rock band. She resides in Springfield, VA with her dog and cat.

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Comments (2)

Anonymous
Steve

Half way through April 2011, and no signs the redevelopment will happen..  Vornado has not notify the public, no new News Articles, Posters, Construction Signs, or even the placement of construction dumpsters..... Nothing yet...  Think the public is tired of this lost promiss, they first prommissed redevelopment would start in 2007.

Apr 13, 2011 08:30 AM
#1
Cathy Baumbusch
RE/MAX Executives - Alexandria, VA
If you want to stand out put on a red dress!

I know Steve. You're right. And I keep putting myself out there...Its like its some sort of cruel joke.

Apr 15, 2011 04:39 AM