Plans for a major redevelopment in Falls Church are moving ahead, in a key first step for the transformation of the western edge of the small city.
The City Council voted unanimously last week to ink a deal with PN Hoffman, EYA and Regency Centers (NASDAQ: REG) to advance the construction of the “Little City Commons” project, set for a site along Route 7 that’s currently home to George Mason High School.
The three developers have now agreed to a 99-year ground lease to build on the 9.4-acre property, paying the city as much as $44.5 million someday.
The development team, tabbed by officials for the project last fall, expects to build as much as 1.4 million square feet of mixed-use on the site across two phases. In all, the project is set to include about 328,000 square feet of office, 116,000 square feet of retail, 697,000 square feet of residential, 177,000 square feet of senior housing and an 80,000-square-foot hotel.
All of the buildings will be clustered around a half acre…Read the full story from the Washington Business Journal.