Springfield Mall (Virginia)
Encyclopedia
Springfield Mall is an enclosed shopping mall
in Springfield, Virginia
, located at the intersection of Interstate 95
and Franconia Road (Route 644)
which is part of the Springfield Interchange
. The mall is also located 1/4 mile north of Franconia-Springfield Parkway (Route 7900) and the Franconia-Springfield (Washington Metro)
metro station. It opened in 1973.
One of the largest malls in Northern Virginia, it is owned an operated by Vornado Realty Trust
. In 2005, Vornado purchased an option valued at $36 million to buy the mall from the previous long time owners Franconia Two LP. In early 2006, Vornado purchased the mall for an additional $80 million along with plans to redevelop. Renovations were last completed in 1987. The current plan to redevelop have been plagued by governmental delays and approval issues. Large sections of stores at the Springfield Mall have been boarded up and are awaiting redevelopment. During the delays, the mall's occupancy, revenue, and value plummeted. Shortly after approval was finally granted, Vornado defaulted on the mall's loan. After a year in default, Vornado bought back the loan at a greatly reduced amount.
Shopping mall
A shopping mall, shopping centre, shopping arcade, shopping precinct or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways enabling visitors to easily walk from unit to unit, along with a parking area — a modern, indoor version...
in Springfield, Virginia
Springfield, Virginia
Springfield is a census-designated place in Fairfax County, Virginia, United States and a suburb of Washington, D.C. The Springfield CDP is recognized by the U.S. Census Bureau with a population of 30,484 as of the 2010 census. Homes and businesses in bordering CDPs including North Springfield,...
, located at the intersection of Interstate 95
Interstate 95
Interstate 95 is the main highway on the East Coast of the United States, running parallel to the Atlantic Ocean from Maine to Florida and serving some of the most populated urban areas in the country, including Boston, Providence, New Haven, New York City, Newark, Philadelphia, Baltimore,...
and Franconia Road (Route 644)
Virginia State Route 644 (Fairfax County)
State Route 644 is a secondary state highway in southern Fairfax County, Virginia. It is the closest main east–west road that is south of the Beltway. It is known primarily as Franconia Road east of I-95, and Old Keene Mill Rd west of I-95...
which is part of the Springfield Interchange
Springfield Interchange
The Springfield Interchange, also known as the Mixing Bowl, is the interchange of Interstate 95, Interstate 395, and Interstate 495 in Springfield, Virginia, outside of Washington, D.C....
. The mall is also located 1/4 mile north of Franconia-Springfield Parkway (Route 7900) and the Franconia-Springfield (Washington Metro)
Franconia-Springfield (Washington Metro)
Franconia–Springfield is an island platformed Washington Metro station in Springfield, Virginia, United States. The station was opened on June 29, 1997, and is operated by the Washington Metropolitan Area Transit Authority...
metro station. It opened in 1973.
One of the largest malls in Northern Virginia, it is owned an operated by Vornado Realty Trust
Vornado Realty Trust
Vornado Realty Trust is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's.- History :...
. In 2005, Vornado purchased an option valued at $36 million to buy the mall from the previous long time owners Franconia Two LP. In early 2006, Vornado purchased the mall for an additional $80 million along with plans to redevelop. Renovations were last completed in 1987. The current plan to redevelop have been plagued by governmental delays and approval issues. Large sections of stores at the Springfield Mall have been boarded up and are awaiting redevelopment. During the delays, the mall's occupancy, revenue, and value plummeted. Shortly after approval was finally granted, Vornado defaulted on the mall's loan. After a year in default, Vornado bought back the loan at a greatly reduced amount.