The Fairfax County Board of Supervisors has given PREIT, a real estate investment trust, approval to develop a hotel with 165 rooms and an apartment building with 460 units at Springfield Town Center.
This plan comes after the company is expecting to close on the sale of the parcels of land needed for this construction. These sales will generate revenue of $20m, while the company is also expected to have raised $112m from sales of assets over the past year. The company is also planning on more asset sales in the upcoming year of $120m.
PREIT plans to create a vibrant, multi-use hub in Springfield Town Center and create a destination for families around Washington, D.C. Its plans include a mix of tenants that feature fitness, entertainment, top-tier full-service dining destinations, traditional retail, and other value retail offerings. Banner printing can be used at such sites to inform residents and others in the area of planned upcoming projects.
Chairman and CEO of PREIT, Joseph F. Coradino, expressed his thrill in being able to build this multi-use development that was conceived many years ago. He said that adding hotel rooms and apartments will enable the customer base of his company to grow and will deliver value to current tenants, as well as enable the company to take advantage of the capital gained from its real estate.
