Springfield Town Center Grows Value in Central Springfield
In the two years since we reopened our revitalized Springfield Town Center, the property has done more than just become a regional shopping destination. It has become a source of economic growth county wide.
Reports from the Department of Tax Administration show that Springfield Town Center is the third most valuable property in Fairfax County. The top principal taxpayers in Fairfax County, paying $27 million in taxes and making up 1 percent of the real estate tax were Tysons Corner Property Holdings LLC, Fair Oaks Mall, and our very own Springfield Town Center. We know during these tough budget times, commercial growth is vital to keeping our budget balanced. Many simply talk about growing our tax base to relieve budget pressures, in Lee District we are doing that.
A jump in land value from $130 million to nearly half a billion dollars didn’t happen by accident, it was a collective effort that recognized the need for a revitalized community center. With great business partners and support, I facilitated and pushed for the renovation and reopening of the now Springfield Town Center. To make this massive leap from a value of less than $130 million to more than $405 million in less than five years is no small feat. This is a solid indicator of the great economic revitalization and success we are seeing in the Franconia/Springfield area. I could not be more pleased. I am confident that its success will only continue to grow and spark more economic growth and redevelopment in our area.
Because of the Town Center’s success, there are now more things to do for the community, more business opportunities and more ways to grow the economy right in our backyard. I am looking forward to continued work with our great business community to continue revitalization growth in Central Springfield.
Jeff McKay was elected Lee District Supervisor in November 2007. He began his third term in January 2016.