Ballston Common Redevelopment

Ballston Common
Redevelopment
June 16, 2015
Site History
• 1951 – 1986 Parkington Shopping Center
Ballston Common Mall History
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1986 – Ballston Common Mall is developed
– 580,000 SF
– Anchors
• Hecht’s
• JC Penney
1999 Expansion
– Regal Cinemas
– 3 Restaurants
– E-Trade Tower
2004
– Ballston Point
2006
– Ice Plex
The Need for Redevelopment
• 29 Years old, suburban regional shopping mall with an inwardfocus
• Steady decline in sales and occupancy
• Major renovation required to attract new retailers – street
connectivity, visibility, accessibility from garage
• Create an amenity that improves property values, attracts new
residents / employers and contributes to the overall vitality of
the community
Redevelopment Vision
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Complete transformation into a vibrant mixed-use district
Premier dining and entertainment destination
Unique retail shops and service providers
Highly experiential urban street and gathering place
Iconic and authentic architecture
Major improvements to the public parking garage
Significantly improved connectivity to the garage and Ice Plex
• 375,000 S.F. of Shopping, Dining,
Service and Entertainment
• 400 Unit, 22 Story Residential
Tower
• Open-air Pedestrian Shopping and
Sidewalk Cafes
• Community Amenities Plaza
• $300 mm investment
• $8 mm in incremental
sales, meals and real
estate taxes annually
• $125 mm in net value
to Arlington County
over 30 years
• Major catalyst for
Ballston
Why Now?
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Mall Vacancy, Tenant Expectations
Leasing Horizon, Market Competition
Stakeholder and Community Support
Unprecedented Opportunity
• Create Significant Value
• Raise the Profile and Perception
• Catalyst for Other Ballston Development
Challenges
• Attracting the right tenants requires high
quality place-making and a major renovation
• Significant bonus density and height required
• Substantial public improvements, including
major garage improvements
• Costly and complex phasing
• Critical timing window requires efficient yet
comprehensive review and approval
The Need for
Partnership
By November 2015:
• Culminate a comprehensive, efficient review
process
• Address required density, height and related
zoning considerations
• Implement strategic public-private financing tools
that leverage significant value creation to meet the
financial challenges of the redevelopment
• Facilitate the value creation