PREIT Approved to Build Apartment, Hotel at Springfield Town Center

PREIT has obtained unanimous approval from the Fairfax County Board of Supervisors to develop 460 apartment units and a 165-room hotel at Springfield Town Center, paving the way for the sale of the land parcels both of which are under agreement of sale.  A key part of PREIT’s capital plan, the sale of these parcels is expected to generate $20 million, in addition to the $112 million in proceeds the REIT has raised from asset sales in 2022. The company expects to close on these sales in Q2 2023 and has another $120 million of asset sales in the pipeline.

PREIT’s overall vision is to transform Springfield Town Center into a multi-use hub in the Washington, DC market, with notable new tenant LEGO Discovery Center having broken ground with an opening planned for summer 2023.  The mall’s tenant mix includes traditional retail, full-service dining destinations, entertainment, fitness and other retail offerings.

Located in the third wealthiest county in the United States, Springfield Town Center is well-positioned to attract quality retailers and continue to be a premier shopping destination.