Big Business in Ballston: What’s Happening?

If you’ve driven through Ballston recently, you probably noticed lots of construction going on around the landmark Ballston Mall. Developer Forest City Washington, with help from Arlington County, are redeveloping the site into an “open, mixed-use” project which will be called Ballston Quarter. Scheduled to open late next year, Ballston Quarter will feature a dynamic mix of commercial and residential spaces, and breath new life into the city. This dramatic investment in DC area real estate development will change the Rosslyn-Ballston corridor, making it a great place to live, work, and play.

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Coming Soon to Ballston

-589,000 square feet of new destinations(retail, dining, and entertainment)

-411,000 square feet of retail space

-8.3 million square feet of office space

The massive Ballston Quarter development will maintain original tenants like Macy’s, Sport & Health, Regal Cinemas, CVS, and others but will also feature new and exciting retail, dining, and entertainment venues like Punch Bowl Social(an entertainment space featuring a celebrity-chef restaurant, eight bowling lanes, a bocce court, three private karaoke rooms as well as old school arcade video games). The project is targeting the burgeoning, college-educated population that lives in the immediate area. The Rosslyn-Ballston corridor has the highest concentration of 18-34-year-olds in the country, 85% of which hold a college degree. Further, with an average household income of $127,000, the educated young people living around the project have money to spend. And with 650,000 people projected to live within a 5-mile radius of the project by 2019, they will need somewhere to spend it! Ballston Quarter will also feature a 405-unit residential tower, and improve public infrastructure, through “a new pedestrian bridge spanning Wilson Boulevard, a public plaza, parking garage upgrades, and streetscapes.” Seeing the development as a huge benefit for the community, Arlington County is helping to foot the bill.

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Who is paying for all this?

A collective effort led by the development group, Forest City Washington, along with Arlington County, and QIC, an institutional investment manager from Australia. In April 2016, Forest City sold a 49 percent stake in the project to QIC, and after a board meeting in September, Arlington County agreed to sell revenue bonds to raise up to $55.5 million for the “public infrastructure costs associated with the project”.

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We at Dutko | Ragen Homes & Investments are excited for this new development coming to our area. The Northern Virginia area is a great place for young professionals and families alike and it’s only going to get better. Give us a call today at 571-249-3551 to help you buy, sell, or invest in Northern Virginia real estate!

 

 

 

Sources:

One Page

http://wtop.com/money/2016/09/ballston-malls-redevelopment-gets-the-countys-green-light/

 

 

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