Arlington County and Forest City Enterprises are investing $317 million to transform the aging Ballston Common Mall into a vibrant mixed-use development called Ballston Quarter.
By lani Furbank
The redevelopment of Ballston Common Mall is much more than just a fresh coat of paint—this project will reinvigorate the now-barren segment of Wilson Boulevard and create a bustling streetscape by adding street-facing store entrances and outdoor dining. The roof will be removed from one concourse to create an open-air space, and shoppers will be able to congregate in the public plaza, the indoor market hall or the mews that will connect the street-facing shops to the rest of the mall.
Currently, the big question that’s on everyone’s mind is still unanswered. The retail and dining tenants who will be moving into Ballston Quarter are keeping their competitive edge by waiting to publicly confirm their involvement. Gary McManus, vice president of corporate communications for real estate company Forest City, says the specifics won’t be released until closer to the start of construction, which is anticipated to be this spring.
McManus did give a little hint: “We’re trying to take the tack of finding new and exciting regional and local retailers … With Tysons Corner to the west and Pentagon City to the east, a lot of existing big names in retail are already in place, so we’re looking for more of a local, regional flavor.”
In addition to the retail upgrade, Forest City will be replacing the Macy’s Furniture Gallery with a 22-story residential and retail tower. Site plans also include more office space, a renovated parking garage and a rebuilt pedestrian bridge.
This project marks the first time Arlington will use a Community Development Authority bond, which has been implemented in many other projects across the region. This public finance tool allows localities to pay for public improvements using taxes that would not exist but for the development partnership. Arlington County plans to invest $10 million outright and use the CDA to finance an additional $45.5 million.
Marc McCauley, director of the real estate development group of Arlington Economic Development, says that this is a prudent partnership. “The county is really held harmless,” he says. “In no case will the county come out of pocket for additional funds to pay back the bonds.”
It took a unique project to convince the county to enter into this sort of partnership, but McCauley believes it will be worth it. “Forest City would have done something without the county’s participation, but it just wouldn’t have been as robust,” he says. “The partnership allowed for a much more transformative project that will really act as a catalyst of growth.”
Forest City expects the project to be completed sometime in 2018.
( February 2016 )
