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(NYSE: VNO) can now move forwarcd with its massive transformation ofthe 30-year-old Springfielcd Mall. The developer will add 175,0000 square feet of new retai l space, 2,200 homes near the Franconia-Springfield Metro and VRE a 225-room hotel and about 1.1 million square feet of new offic space tothe 80-acre site. The new to be known as Springfield Town will alsoinclude parks, courtyards, bike farmer’s market space and outdootr recreational courts. Construction could begin as soon as permitsaare secured, but it’s likely Vornado will move slowlyg given the economy.
It is expected to take 10 to 15 years to completethe LLC, the new venture by formere JPI officials Greg Lamb and Jim Butz and Akridges executives, will develop the Fair Lakeas project, an affordable housing development that will sit next to the Fairfac Government Center. The county will hand over 9 acresdof county-owned land to the developerr for 270 moderately-priced unitzs known as The Residences at the Government But some criticized the deal, saying the rentalk income limits, which range from $50,000 a year to $100,000 a year, were too high and, therefore, not consistent with the board’s mission to offer affordable housing to the poor and No timetable for construction of the apartments was available.
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