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Springfield Mall: Update on Renovations

Have you been wondering what is going on over at Springfield Mall? Years after it was announced that the mall had been bought and would be undergoing extensive renovations, we finally have some answers for you. Vornado Realty Trust will now move forward with the first phase of Springfield Mall’s renovation project since they have settled on purchase price of about $115 million. This is much less than the $160 million originally agreed upon in 2006, and will allow them to invest more into the construction.  This first phase will feature a state-of-the-art movie theater and a brand new Food Court. Vornado will break ground during the first quarter of 2011. They are also testing out new flooring outside of Macy’s on the second floor. This fall, Vornado purchased additional land from JC Penney, one of the anchor stores that has actually invested millions of its own money into upgrading its space. Over the next 10 years, Springfield Mall will expand to include outdoor shopping, residential housing, office space and pedestrian-friendly areas. Don’t worry about the high vacancy rate, which is approximately 50 %; it is necessary for Vornado to have plenty of open space to get the process underway. When the project is completed, there will be more high-end, nationally recognized brands at Springfield Mall. We have high hopes for this project and think it will be a great addition to Springfield!

Susan Hall