Plans underway for 10-acre retail center in the City of Falls Church to undergo extensive renovation
Federal Realty Investment Trust (NYSE: FRT) announced today plans to renovate Falls Plaza, a 144,000-square-foot community shopping center in Falls Church, Virginia.
The comprehensive project will include façade renovation, enhanced landscaping, decorative lighting and multiple outdoor amenity areas.
Renovation will include expanded sidewalks, outdoor dining, decorative lighting and landscaping
After first acquiring the Giant-anchored portion of Falls Plaza in 1967, Federal completed the acquisition in 1972 by acquiring the property on the east side of Birch Street which is currently anchored by Staples and Road Runner Sports. In addition to long-standing anchor Giant Food, Falls Plaza features a variety of retail, dining and services including Conte’s Bike Shop, CVS Pharmacy, Plaka Grill, Starbucks, Jersey Mike’s and C2 Education Center.
The center’s renovation, which is slated to begin spring of 2021 with a completion date projected later in the year prior to Thanksgiving, will revamp the physical character of the property by fusing a modern farmhouse design with industrial elements through new facades, lighting, signage, and amenities including a fireplace, curbside “Pick-Up” parking spaces, expanded sidewalks with outdoor dining and gathering space as well as new lush landscaping.
“Federal is a long-term holder of real estate and has been a part of the Falls Church community for over 50 years,” said Deirdre M. Johnson, Vice President of Asset Management for Federal. Johnson continues, “The new amenities and conveniences coming to Falls Plaza, such as spacious outdoor gathering pockets and dedicated “Pick-Up” parking for easy grab and go, reflect the evolving needs of the community that we serve. We are appreciative of the continued support that both the city residents and officials have provided us over the past 50 years and we look forward to the next 50.”
Unique design features such as an outdoor fireplace alongside convenient curbside “Pick-Up” parking will provide an experiential atmosphere
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty’s mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 104 properties include approximately 2,800 tenants, in 24 million square feet, and approximately 2,800 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
