Tyson’s Corner Center, already one of the nations largest malls, hot bed for real estate and the regions largest has proposed a new development plan that will expand the shopping mall into its own "self-sustained" city.
The proposed plans will double the mall in size by adding more than 5 million square feet, or more than twice as much as the Empire State Building! The project is a mix of mid-rise buildings containing hotel rooms, commercial space for offices, retail space and condos. Northern Virginia is planning to add 2 million square feet of office buildings, 600 apartments, and a 120-room hotel and a few shops adding to the existing market for commercial real estate in Northern Virginia.
The project faces at least two obstacles to the addition of more
Northern Virginia commercial real estate. First, it must win the approval of the Fairfax County Board of Supervisors. The Board would like to create a traditional downtown at Tyson’s Corner, and this plan would move that vision closer. The plan would also merge the now separated buildings into something more like a city block. However, they will have to face vehement opposition from homeowner groups about traffic problems and the effects of even more buildings, cars and people. By adding more commercial real estate and increasing the traffic it will create an even worse situation in Northern Virginia. One resident of McLean, Virginia commented on the proposed plan and said “We’d like to be able to drive from McLean to Vienna in less than a day!"
The plan would add some community aspects to the Tyson’s area including an outdoor ice skating rink. Currently there is no place to sit outside, only commercial office buildings.
The second obstacle is that only about a third of the project can be built before funding for the $1.5 billion Metro rail expansion from West Falls Church through Tyson’s Corner is approved. Members of the community are invited to attend the planning commissions meetings.
About The Author
Steve Jonas is a commercial real estate agent in Northern Virginia and is founder and president of Monument Investments, a real estate investment firm based in Tyson's Corner. For more information visit http://www.commercialrealestate.lnfre.com |
