WASHINGTON, Sept. 28, 2016 /PRNewswire/ -- Forest City
Realty Trust, Inc., (NYSE: FCEA and FCEB) and Arlington County have
completed a development agreement that formalizes the
public-private partnership to transform Ballston Common Mall into
Ballston Quarter, a mixed-use urban retail project in the heart of
Ballston. The County Board unanimously approved the agreement at
its meeting last night.
"We're pleased to take this important step forward with the
County as we renew and transform Ballston Quarter into a vibrant
and vital new asset for the community," said Forest City Washington
President Deborah Ratner Salzberg.
"Forest City has a long history of successful public-private
partnerships, and this project is a great example of our long-term
investment in communities. Ballston Common Mall was the first
project I worked on at the company, and now Ballston Quarter will
be the newest example of our urban, mixed-use place-making
strategy."
Located four miles from Washington,
D.C., the Ballston Quarter project will open up the existing
enclosed mall, creating a more dynamic setting for new retail,
dining and entertainment options while creating a seamless
transition from interior to exterior spaces. The project also
involves significant public infrastructure improvements, including
an enhanced pedestrian bridge spanning Wilson Blvd., a public
plaza, parking garage upgrades and enhanced streetscapes. In
addition, Forest City will develop a new, 406-unit residential
tower adjacent to the center, creating a true, mixed-use
live/work/shop environment at the site.
"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. "The Board's action
has formalized our partnership with Forest City to complete the
transformation. "
In November 2015, the County Board
unanimously approved plans to redevelop the Ballston Mall into
Ballston Quarter and approved a Letter of Intent with Forest City
to fund up to $55.5 million in public
infrastructure costs related to the project. In July 2016, the Board established the Community
Development Authority that allows for the issuance of revenue bonds
related to the Ballston Quarter public-private partnership.
Ballston Common Mall opened in 1987 and underwent an expansion
in 1999. Ballston Quarter is scheduled to open in September 2018 along with the new bridge. The
residential building is scheduled to begin preleasing in late
2018.
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SOURCE Forest City Realty Trust, Inc.