Vornado

Pennsylvania Real Estate Investment Trust (PREIT) is paying Vornado $465 million for the former Springfield Mall, and the image here shows why:

Springfield Town Center artist rendition Springfield Town Center?

This drawing was created by Vornado for the site’s 2009 rezoning. PREIT is including it in investor documents to show shareholders and potential tenants what’s to come. PREIT notes it will “have access to 3.3 million square feet of development rights to eventually create on the property to enhance value even more.” That 3.3 million square feet includes nearly 500,000 square feet of office, roughly 1,900 new residential units, 360,000 square feet of hotel space and 74,000 more square feet of retail.

The opening date currently looks to be October 17.

From permit requests and other sources, these are the latest tenants:

  • Zinburger, what will be a 5,500-square-foot wine and burger bar. The nearest Zinburger is in Charlottesville.
  • &Pizza (pronounced “andpizza”), for its first Virginia location.
  • J. Crew
  • Ann Taylor LOFT
  • Charlotte Russe
  • White House/Black Market
  • Chico’s
  • American Eagle Outfitters
  • Sephora
  • Mon Cheri Nails & Spa
  • Reeds Jewelers
  • Springfield Therapeutic Massage
  • Soma
  • Cartoon Cuts

PREIT also has released a handful of names in investor relations documents including “targeted tenants” such as Urban Outfitters, L.L. Bean, Balducci’s and Nordstrom Rack.

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Vornado has posted a new video showing their intended Town Center features.SprTownCtrQM

You can find it here.

You may be confused by the map which opens the presentation. This is because the map is oriented to the SOUTH instead of the NORTH – so it appears that Springfield is northeast of DC, and to the east of the Potomac River. I was really weirded out, until I looked a second time.

 

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Vornado has published – sort of, it’s hidden on the Springfield Town Center contacts tab – a preliminary site plan for the mall part of the Town Center. I have reproduced it below.

They only show the existing JCPenney, Macy’s and Target, plus the location of the new movie theater, but there are several outward facing store locations on the plan.

STCsiteplan

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Springfield Town Center – Coming Late 2014

November 28, 2012

Now that demolition is finally under way, here are photos of the Town Center (former Springfield Mall) as it’s expected to look when it reopens in 2014. The new mall will include an addition of roughly 700,000 square feet of retail, restaurants, a food court and a state-of-the-art movie theater. The 20-foot-tall brown numbers that […]

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Taking It Down – Springfield Mall Bites The Dust

November 26, 2012

Here’s a couple of You Tube vids of the demo getting underway: [youtube width=”560″ height=”315″]http://youtu.be/TnyhobzJSAo[/youtube] [youtube width=”560″ height=”315″]http://youtu.be/jd14J32wMJo[/youtube]

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Springfield Mall/Town Center Finally Coming Down

November 20, 2012

Finally there is some visible progress on the revitalization of Springfield Mall and its transformation into Springfield Town Center. Demolition is actually happening as evidenced from the photos published in the Washington Business Journal today:   The word is mid-2014 for reopening. I hope to bring you more news as it proceeds.

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Springfield Mall – er, Town Center – New Vision

July 7, 2012

The Springfield Mall is dead. Long live the Springfield Mall Town Center. Well, at least JC Penney, Macy’s and Target are open. But the rest of it is being gutted and rebuilt. Vornado has put up some new photos of what the “new” Town Center shopping complex will look like when the renovation is done […]

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