Shopping Centers Today

APR 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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48 S C T / A P R I L 2 0 1 8 S I T E S & C I T I E S the Potomac into Washington. e company owns roughly 7 million square feet of older office properties in Crystal City, and it has plans to replace those with residential units eventually, either through retrofits, or by demolition and new construction. e initial project would add roughly 120,000 square feet of retail at the foot of an office building that JBG Smith has plans to expand by six floors and to convert to housing. Besides the nine- screen Alamo Drahouse, the company is also seeking a specialty grocer as an anchor and has expectations to deliver the retail space by 2020. "We're taking all the lessons we've learned from our projects around the region, where we've focused on retail and quality street design, and putting them to work with scale in Crystal City," Klug said. "It is without a doubt the most important project we have at JBG Smith in terms of investment. It's an extraordinary opportunity." Meanwhile, four miles from downtown Washington, in the Ballston neighborhood of Arlington, Forest City Realty Trust is repositioning the Ballston Common Mall as Ballston Quarter. Cleveland-based Forest City is emphasizing entertainment offerings and ramping up food-and-beverage experiences through three platforms: the Quarter Market food hall; a dining- gallery area featuring fast-casual restaurants; and some classic sit-down restaurants. e developer also opened the property's roof in two places to create open-air venues: a 5,000-square- foot plaza and a European-inspired pedestrian shopping and dining street called the Muse. Two existing office buildings are part of the development, and Forest City is adding 53,000 square feet of retail space and 406 apartments scheduled to open in early 2019. e firm is also rebuilding a pedestrian bridge to an adjacent Metro transit station that it had demolished last year. "We now have the classic mixed- use live, work and play environment that's intertwined with great public spaces and connectivity," said William Voegele, Forest City's senior vice president of development. Excluding a 200,000-square-foot Macy's at the project, some 45 percent of the remaining retail square footage will be dedicated to the new food- and-beverage and entertainment uses, which are scheduled to open in September. e company is emphasizing local and regional tenants for its 20,000-square-foot food hall and has announced roughly half of the 18 vendors. For some of those, this is a first operation beyond a food truck, Voegele says. Forest City is taking a similar approach with the dining gallery, although it will feature a few exceptional fast-casual operators, he says. ough set indoors, the gallery will resemble a street, and each restaurant will have its own storefront and seating areas. Forest City rehabbed the Ballston mall in the 1980s and 1990s, but over time the transit station fostered dramatic changes in the area and persuaded the firm to pursue a more aggressive repositioning, says Voegele. "e density and demographics that have grown up around us are some of the most compelling in the country," he said. "Our opportunity was to capitalize on that and to reimagine a successful mall in its day into an urban mixed-use development that creates value." n $22.24 AVERAGE ANNUAL RENT PER SQUARE FOOT Nearly half the nonanchor tenants at Ballston Quarter will serve food Source: Marcus & Millichap

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