ARLINGTON, VA–Last night Arlington County Board gave its final — and unanimous — stamp of approval to Forest City Realty Trust to transform Ballston Mall into Ballston Quarter under a public-private partnership. The county approved $55.5 million in funding for public infrastructure to support the project, which it promised in a letter of intent in November 2015. These improvements include upgrades to the Ballston public garage, investments in Wilson Boulevard and North Randolph Street, and the creation of public plazas.
In July of this year, the county established the Community Development Authority that will issue the revenue bonds for the project.
The $300 million redevelopment — obviously already underway — will transform the mall into an open-air structure with resurfaced exterior and interior facades. There will also be a new 406-residential unit and, courtesy Arlington County, improved parking and transit facilities.
The project is expected to deliver in 2018.
The county plans to use existing funds to pay for $9 million of the infrastructure projects, with the remaining $46 million expected to come from the issuance of CDA bonds.
“As anyone who has driven by Ballston Mall recently can see, its transformation into Ballston Quarter — an exciting regional shopping, dining and entertainment center in the heart of Ballston — is already underway,” said Arlington County Board Chair Libby Garvey in a prepared statement. “The Board's action has formalized our partnership with Forest City to complete the transformation. “
ARLINGTON, VA–Last night Arlington County Board gave its final — and unanimous — stamp of approval to Forest City Realty Trust to transform Ballston Mall into Ballston Quarter under a public-private partnership. The county approved $55.5 million in funding for public infrastructure to support the project, which it promised in a letter of intent in November 2015. These improvements include upgrades to the Ballston public garage, investments in Wilson Boulevard and North Randolph Street, and the creation of public plazas.
In July of this year, the county established the Community Development Authority that will issue the revenue bonds for the project.
The $300 million redevelopment — obviously already underway — will transform the mall into an open-air structure with resurfaced exterior and interior facades. There will also be a new 406-residential unit and, courtesy Arlington County, improved parking and transit facilities.
The project is expected to deliver in 2018.
The county plans to use existing funds to pay for $9 million of the infrastructure projects, with the remaining $46 million expected to come from the issuance of CDA bonds.
“As anyone who has driven by Ballston Mall recently can see, its transformation into Ballston Quarter — an exciting regional shopping, dining and entertainment center in the heart of Ballston — is already underway,” said Arlington County Board Chair Libby Garvey in a prepared statement. “The Board's action has formalized our partnership with Forest City to complete the transformation. “
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
