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Traditional shopping malls are suffering around the country, but the still-successful ones like Tysons Corner Center are major tax windfalls for their local jurisdictions.
The owner of Tysons Corner Center, Macerich, pays more than $19M in property taxes each year, making the mall the third-highest taxpaying retail property in the United States, a new study from CommercialCafé shows.
The Mall of America in Bloomington, Minnesota, and the Woodfield Mall in Schaumburg, Illinois, are the only two retail properties that pay more in taxes, at $30M and $24M, respectively.
The mall is the 54th highest-paying commercial property in the country and the only one in the DC Metro area that cracked the top 100. The General Motors building in New York City pays the most property tax in the U.S., $71.7M per year. All of the top 10 properties, and the majority of the top 100, are in New York City.
Macerich has major plans to expand Tysons Corner Center, which was already the region's most valuable property in 2016 at $1.55B. Fairfax County in October 2015 approved Macerich's plans to add 3.5M SF of development around the mall. The plan would add three apartment buildings totaling 737 units, a 12-story office building and 133K SF of retail. The addition would bring the 78-acre property's total density to 6M SF, including the 2.4M SF mall.
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