HISTORY

Springfield Mall opened its doors in 1972 and, despite overwhelming density and wealth in the primary trade area, the mall has not captured its share of the market potential. The three-story mall is situated on 79 acres of land and is anchored by Macy’s, Target and JCPenney.

The mall has always enjoyed the main ingredients for a successful mall – most notably the best location in the Northern Virginia market. It sits at the intersection of Interstate 95 at the Capital Beltway (I-395 and I-495), Fairfax County Parkway and Franconia-Springfield Parkway. The access and road system is superior to any mall in Northern Virginia. The Commonwealth of Virginia and the federal government have spent several billion dollars completing a highway ramp system commonly known as “the mixing bowl," and this has enhanced access to the mall even more.

Additionally, Springfield Town Center is one of the only shopping areas in metropolitan Washington, D.C. to have its own Metro Station. The metro stop at Springfield Town Center is the terminus of the Metro Blue Line and the Fredericksburg Commuter Rail Road from the south. A shuttle leaves every 15 minutes from the Franconia Springfield Station, to the mall.

SCOPE OF ASSIGNMENT

The demographics of Springfield Town Center’s primary trade area include a projected population base of 580,000 residents and 220,945 households by 2009. The fact that there are 580,000 people in the primary market area is huge. It’s what everyone in retail would like to have in their trade area. Also by 2009, the average household income is expected to exceed $111,600, in its primary market area. That’s evidence of the incredible density coupled with the substantial wealth of Washington, D.C.’s Northern Virginia suburbs. If that weren't enough, there is a daytime population of over 1.5 million workers within 15 miles of the site.

In 2002, Fairfax County received title to 2,324 acres of the former D.C. Correctional Facility at Lorton (three miles south of Springfield Mall). This acquisition has opened a large area to rapid development of upscale housing, parks and schools. And recently, Fairfax County and the Base Realignment and Closure Commission (BRAC) have created more research and development opportunities in the immediate area, improving the daytime population in the market even further.

Fairfax County has committed their support to this major redevelopment and mixed-use project because of the existing highway infrastructure and the metro stop. Fairfax County’s strategy has been to allow greater density in areas adjacent to Metro Stations to encourage use of the metro.

In 2006, Vornado Realty Trust, a Paramus, N.J. real estate investment trust, took control of the partnership that owned Springfield Mall and its management. Vornado is one of the largest owners and managers of commercial real estate in the country. Vornado instituted major changes to housekeeping, security, and the operations of the mall as they develop the master plan for the redevelopment. Divaris Real Estate was retained by Vornado as the retail development consultant.

RESULTS

In order to take advantage of the area’s potential, the interior of Springfield Mall will be upgraded and expanded to include a town center/lifestyle component, increasing the existing 1.4 million square feet to approximately 1.9 million square feet. Once finished, the Springfield Town Center will feature a completely remerchandised mall, a new streetscape with lifestyle retailers and specialty restaurants, new office buildings, hotels, multi-family residential towers and additional parking structures.

The new tenant mix will include an upgrade of all merchandise categories from moderate to better retailers, including junior anchors, a new, state-of-the-art multi-screen cinema complex and a food court area. A new exterior lifestyle streetscape component will be introduced along the Loisdale Road frontage with a mix of retailers, restaurants and outdoor cafes fronting each other to create a more urban environment. And in the future, as demand builds, offices and residential buildings will be integrated into the decks and mall structures.