It is Macerich’s Northern Virginia expansion, including the office building, outdoor plaza and a new entrance which connects the new section with the retail property.
The company, along with Alaska Permanent Fund Corporation, the center will be changed into a connected community with the addition of 1.4m sq ft of residential, retail, hotel and office space. In excess of 75% of the area has been leased, including Intelsat, its anchor. The Plaza is placed 32 feet above the level of the street and will offer direct access to the Metro Silver Line which is set to open within two days.
The Plaza includes ‘outdoor sitting rooms’ with landscaping, an interactive play area for children, along with scheduled programming for people of all ages, including a summer concert and movies starting this weekend.
The other parts of the expansion, the 430-unit residential unit and the Hyatt Regency Hotel, are set to open during the first quarter of 2015.
Macerich and Alaska Permanent Fund Corporation have been the owners of Tyson’s Corner Center in Washington DC since 2005. The company has been on the NYSE for 20 years and owns 55m sq ft of real estate across 52 shopping centers.