Forest City Washington, the Mid-Atlantic hub for real estate company Forest City Enterprises, Inc., has requested that the Arlington County Board put their $300-million Ballston Common Mall redevelopment project on the fast track for approvals. Forest City first revealed its plans for the Ballston Common Mall redevelopment in 2013, and acquired the Ballston Common Office Center in 2005. "So what's holding this back? After nearly 11 months, the site plan submitted by Forest City has yet to be accepted by the county, a process that typically takes 60 days," said Arlington Chamber of Commerce president Kevin Shooshan in the June edition of the Arlingtonian, the Chamber's member newsletter.
Marc McCauley, director of real estate development for Arlington Economic Development, says that Forest City Washington reported that potential tenants showed keen interest in the Ballston Common project at the International Council of Shopping Centers leasing conference in Las Vegas last month. "After Las Vegas, we understand more now than ever about the importance about getting something done this year, so they can start thinking about their 2018 buys," McCauley says. "There are a lot of great new projects surrounding us, in the District, Fairfax and Alexandria, and with these tenants, if you miss them, you miss them. They might not be looking next year."
According to a GlobeSt.com report, Forest City Washington is also seeking to create a public-private partnership with a potential direct investment by Arlington County, or perhaps tax-increment financing to leverage county funding.
Arlington County Board members on June 16 directed County Manager Barbara Donnellan to work with the mall's owner and develop options – quickly – that would include a public-private partnership on the redevelopment project. "We need to learn to be nimble. That's the name of the game these days," said County Board member Libby Garvey.
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