From Macerich's CEO:
http://seekingalpha.com/article/2829...all-transcript
Quote:
As we’ve indicated to you we see about a $1 billion pipeline of development and redevelopment opportunities available on our pro rata share to us in the company over the next five years. The most visible of that right now would be Tyson’s Corner where we are proceeding with our office and residential expansion. The reception we have in the market there, we’ve engaged the Hines (ph) Organization as our key developer on the office and we’re engaging a local, very strong residential developer to lead the way for us on the residential, we’re in the process of picking a flag on the hotel (inaudible) for the hotel and we’re very bullish on that.
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Given all the mentions I'm seeing of this project, it seems like a very imminent go (as mentioned above as well). This is notable both for being the beginnings of the building boom associated with the two malls (Tysons II's fifth tower is also now under construction), but the cluster around Tysons I will mark a new part of the skyline.
It's very odd how prominent the skyline in Tysons will likely be. Even if buildings are only allowed to 400' (I have my doubts the limit will hold--it makes no sense, Tysons is neither Rosslyn nor DC), the elevation around Tysons Central gives the buildings there an extra 100-200' relative to some surrounding neighborhoods. There are roughly 10 rough proposals for buildings in the 350-420' range in Tysons (the tallest was in the plans by SAIC, with Capitol One's flagship at 392' and NV Commercial's almost at 400' as well). At this point, I would expect 1-2 of those to begin construction by 2015 (among a bevy of 150-300' buildings).