Arlington Formalizes Ballston Quarter Public-Private Partnership

The Arlington County Board today formalized the public-private partnership that will transform the Ballston Common Mall into Ballston Quarter, a mixed-use urban retail project in the heart of Ballston. The Board voted 5 to 0 to approve a Development Agreement that outlines the responsibilities of the developer, Forest City, to build identified infrastructure improvements. The Board also voted to approve a Lookback Agreement between the County and the developer that provides opportunities for the County to receive future cash payments if future financial performance results in less County investment than was originally required. In addition, the Board, acting as the board of the Ballston Quarter Community Development Authority (CDA), approved documents that will allow CDA bonds to be issued this fall. “As anyone who has driven by Ballston Mall recently can see, its transformation into Ballston Quarter — an exciting regional shopping, dining and entertainment center in the heart of Ballston – is already underway,” Arlington County Board Chair Libby Garvey said. “The Board’s action today formalized our partnership with Forest City to complete the transformation. Importantly, the agreement includes provisions that both protect the County from unexpected costs if the project experiences difficulties, and ensures that we will benefit if the project does significantly better than anticipated.”