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Your assignment is to prepare and submit a paper on real estate development research project: tysons corner center.
Your assignment is to prepare and submit a paper on real estate development research project: tysons corner center. It’s the largest shopping mall in any metropolitan region with a retail floor area exceeding 28 million square feet of floor area. There are 300 plus stores with three-floor levels in the old structure while a new swankier mall called Tyson’s Galleria was opened in 1988 a few yards across the old one. The commercial and economic significance of the project outweighs some other less important considerations like the impact on property prices in the area. Right now there are about 45 million square feet of floor area – approximately 28 million sq. ft. of office space, 6 million sq. ft. of retail space, 2.2 million sq. ft. of hotel space, 1 million sq. ft .of industrial space and over 9 million sq. ft. of residential (Source: www.sullydistrict.org). The combined total number of jobs created by the two of Tyson’s projects is 116,000 while there are 17,000 residents. The proposed expansion plan for TCC includes extensive interstate rail networks and airports.
Washington DC has not seen any other landmark of this dimension yet. In the first place, it’s more than a shopping mall with a unique perspective-centric orientation. Secondly, it’s a commercially and economically important landmark in the metropolitan area. Tyson’s Corner Center is an odd name for a shopping mall of this sheer magnitude because it’s neither a corner nor a center. Its cultural significance is far more authentic than the conceivable quantifiable benefits. Anchor tenants at the Tyson’s include such famed names like Nordstrom, Bloomingdales, Lord and Taylor, Barnes and Noble, Old Navy and Macy's. A new wing added to the old structure in 2005 is now anchored by a multiplex with 16 odd screens.
TCC is also a landmark of national significance because of its economic potential in generating incomes for thousands of employees. It’s an interstate shopping mall for many visitors from adjacent states. With the proposed expansion work, there will be greater demand for various related services such as transport and communications.
