Mixed-Use 2.0
Jeffer Mangels Butler & Mitchell global hospitality chairman Jim Butler (with colleagues Catherine Holmes and Guy Maisnik) tells us his law firm just locked in assignments for three major developments combining hotel and retail, signaling a renaissance for mixed-use. First up is Macerich's $1B Tysons Tower (retail, office, and a Hyatt) that'll deliver in Northern Virginia in 2014 next to Macerich's Tysons Corner Center, one of the country's top 10 malls. Jim can't name the second project yet, but a hotel will also go in across the street (connected via a pedestrian overpass) from one of the country's biggest malls. And a third client is tearing down part of a successful mall and adding retail, apartments, and hotel to the mix. Jim says to expect more hotel announcements, especially from well-capitalized mall owners, this quarter.
