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Springfield Town Center update: New tenants, and what 3.3M square feet of new development could look like

By WTOP Staff

If you want to know why the Pennsylvania Real Estate Investment Trust is willing to pay $465 million for the former Springfield Mall, look no further than the image to your right.

The rendering was originally crafted by Vornado Realty Trust (NYSE: VNO), current owner of what has been renamed the Springfield Town Center, for the site’s 2009 rezoning. Now, PREIT (NYSE: PEI) is including it in investor documents, to demonstrate to shareholders and potential tenants what’s to come on the sprawling 80-acre lot, and perhaps to justify the $340 million in cash and $125 million in stock PREIT will pay for the property.

When the deal closes, Springfield Town Center will immediately “take its place as number one in our portfolio,” Joseph Coradino, PREIT’s CEO, said May 30 during the trust’s annual shareholder meeting. With its “unsurpassed visibility,” Metro accessibility, and affluent Fairfax County demographic, PREIT expects first-year stabilized sales of $525 per square foot.

“Beyond that,” Coradino told shareholders, “we have access to 3.3 million square feet of development rights to eventually create on the property to enhance value even more.”

That 3.3 million square feet includes nearly 500,000 square feet of office, roughly 1,900 new residential units, 360,000 square feet of hotel space and 74,000 more square feet of retail. The development rights, according to a PREIT investor update released in late May, are worth about $80 million.

Last we checked in with the Springfield Town Center, Vornado was touting the redeveloped mall’s potential, a persistent analyst was questioning the pending sale to PREIT, and a scheduled opening date was emerging, Oct. 17.

Vornado still has not unveiled the list of tenants it has signed to take space at the Springfield Town Center, though we have nailed down more than three dozen based on permits and other sources.

Since our last update, Fairfax County has issued dozens of building permits for future tenant spaces, those that we have reported before, and others that we have not. PREIT also has released a handful of names in investor relations documents. That includes unsigned “targeted tenants” such as Urban Outfitters, L.L. Bean, Balducci’s and Nordstrom Rack.

The latest tenants that we know of, below.

  • Zinburger, what will be a 5,500-square-foot wine and burger bar. The nearest Zinburger outpost is in Charlottesville.
  • &Pizza (pronounced “andpizza”), for what will be its first Virginia location. The pizza joint currently has three stores in Montgomery County and four in the District.
  • J. Crew
  • Ann Taylor LOFT
  • Charlotte Russe, for “trendy women’s clothing.” There are four area locations, including Tysons and Tanger Outlets National Harbor.
  • White House/Black Market, what will be the 14th area location for this women’s clothing boutique.
  • Chico’s
  • American Eagle Outfitters
  • Sephora
  • Mon Cheri Nails & Spa
  • Reeds Jewelers
  • Springfield Therapeutic Massage
  • Soma
  • Cartoon Cuts

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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