On November 17, the Arlington County Board will consider the public-private partnership agreement and site plan amendments to the $300 million Ballston Mall redevelopment. Washington Business Journal reported that the county is slated to cover more than $55 million of the project with about $10 million coming from direct investment and $45.5 million coming from Arlington's tax increment financing district. Washington Business Journal reported, "The TIF will be structured through a Community Development Authority, meaning the county will issue bonds that will be repaid incrementally by the increased tax revenue as a result of the improved property." If tax revenue falls short, the county can impose a special tax on the properties to cover the bond payments, according to a nonbinding letter of intent between Arlington and the owner of the mall, Forest City Washington.
In October 2014, Curbed reported that the entirety of the three-story mall and three-floor office space above it will be thoroughly renovated with new spaces for windows and balconies, sections of the roof removed, and reorienting of several spaces to the outside. The food court will become an outdoor, terraced plaza, while the mall tenants will also change with half in the restaurant and entertainment categories and half as local and regional retailers. The Macy's Home Furniture store at the corner of North Randolph Street and Wilson Boulevard will be razed to make room for a 22-story, 406-unit building with roughly 66,500-square-feet of retail and 282 below-grade parking spaces, reported UrbanTurf. The unused Hecht Co. headquarters at Glebe Road and Wilson Boulevard will be remodeled. There are also plans for the nearby West Ballston Metro to have an above-ground entrance with renovations to the surrounding sidewalks and bus stops. According to Washington Business Journal, Forest City wants to rename the mall Ballston Quarter, but UrbanTurf reported that the name of the project is Ballston Center. Construction on the project is slated for May 2017 with the mall's reopening in April 2018.
· Here's how much Arlington will invest in Ballston mall redevelopment [Washington Business Journal]
· Arlington County Board Will Consider Redevelopment of Ballston Mall [UrbanTurf]
· Renovations Will Flip Ballston Common Mall Inside Out [Curbed DC]