Tysons Galleria Owner Buys Macy's Site, Considers Redevelopment
The owner of Tyson's Galleria, General Growth Properties, purchased the 2.6-acre Macy's site from the retailer for $38M with redevelopment plans in mind, the Washington Business Journal reports.
The store was one of five that General Growth purchased in a deal with Macy's earlier this month and is the only one that will remain open past the spring.
Macy's will lease back the 260k SF building, pictured above, for the short term while the owner gets its plans in order. The details of the planned redevelopment are unknown, but the Macy's building makes up 30% of the mall's total area, so any project would significantly alter the look of the high-end mall.
General Growth Properties is looking to start construction in late 2018/early 2019 with delivery roughly two years later. [WBJ]