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.