Pennsylvania Real Estate Investment Trust (PREIT) is paying Vornado $465 million for the former Springfield Mall, and the image here shows why:
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
- American Eagle Outfitters
- Mon Cheri Nails & Spa
- Reeds Jewelers
- Springfield Therapeutic Massage
- 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.