Retailers eye future in revamped Tysons Corner (2/4)
Feb 4, 2009 12:02 PM
Meanwhile, Tysons Corner Center will remain a retail anchor. But it too will change with its surroundings. Macerich has been closely involved with the county’s planning process, though its own efforts began independently—previous owner Wilmorite Properties began a rezoning effort in 2004, before its purchase by Macerich.
Over the next 10 to 15 years, Macerich expects to add 3.5 million square feet of office, hotel, retail and residential space on the edges of Tysons Corner Center, in four phases. The development will also feature trails, public spaces, recreational facilities and expanded access to bike paths, buses, shuttles and transit. RTKL Associates of Dallas is the architect.
The pace of development hinges on market conditions. “Right now, we’re certainly finding those to be a little challenging,” Harrison says. But he expects Metro’s arrival in the area will keep future interest in Tysons strong.
“Tysons fits the bill for quality,” says Lance Marine, retail specialist at CB Richard Ellis, who has consulted with several area property owners on the redevelopment. Tysons and its high national profile continue to draw developers, he says, even as they drop other projects in the Washington area.
But Marine foresees challenges as planners and owners adapt to Tysons’ new retail scene, with different approaches required along the area’s two main thoroughfares, Routes 7 and 123. The two or three property owners who dominate Route 123 “will be able to implement and execute on a much larger scale,” he says.
Meanwhile, retail property along Route 7 is divided among a larger number of individual owners. Marine is unsure how they’ll “create a true synergy” as they vie for the same retailers. The overhaul will demand a long-term vision for retail created along with experienced developers and retailers, he says.
County planning so far suggests a successful future for Tysons retailers, Marine says. “The property owners and developers have been very involved, and the county has been very receptive to input—which is not always the case,” he says.
--Mike Janssen
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