Real estate investment trust Macerich has named new partners for its 3.5 million ft² Tysons Corner Center project in the US, being built at an investment of over $500m.
The project’s master developer Macerich and investor Alaska Permanent Fund have signed third-party development agreements with Woodbine Development, developer Kettler and property management firm Hines, to manage the project’s office development.
The project will be built on 78 acres of land and will feature eight buildings, office and residential space, and a hotel.
Upon completion, the project will create 1.4 million ft² of residential, office, hotel and retail space.
Macerich CEO Art Coppola said, "The proximity to the new office, residential, and hotel properties will enable us to further strengthen Tysons Corner Center, as well as bring additional business development opportunities to the area."
As per the deals, Hines will oversee the development of the 22-floor Tysons Tower, an office building in Tysons Corner with a Metrorail station.
The tower will also include the construction of 1,210 new parking spaces.
Kettler will develop and manage the 28-storey residential apartment building featuring underground parking spaces.
The project will also feature a series of pedestrian walkways and bicycle paths.
The hotel, residential building and office tower will link to Tysons Corner Center regional mall through an elevated outdoor plaza spanning an area of over an acre and a half.
The entire redevelopment is scheduled to open in 2014 following the opening of the new Metrorail.
Image: The 78 acre project will feature eight buildings, office and residential space as well as a hotel. Photo: PRNewsFoto/Macerich.