Pearson Square Request to Broaden Retail Targets on City Council Agenda Monday
The Falls Church City Council will consider on Monday the request by Pearson Square Apartments to broaden the types of retail establishments it may add. (For background, see, “Pearson Square Owners Lament ‘Less-Desirable’ Location.”)
Documents pertaining to the request are now available from the City Council. The documents demonstrate an extensive list of restaurants and other business establishments Pearson Square has attempted to attract.
The city’s retail consultant supports broadening the targets, stating in a memo to city officials, “Examples of ‘elegant’ dry cleaners, nail salons, hair salons, tailors and day spas are plentiful throughout Metro DC. These retailers should be targeted by Pearson Square’s marketing efforts.”
Last week the Falls Church Planning Commission unanimously agreed that allowing some medical and dental space would be acceptable use of the space. Pearson Square was originally approved by the City Council as a condominium project, but slow sales persuaded the Council to allow its conversion to apartments. Pearson Square is located at 400-412 S. Maple Street.
Monday’s City Council session starts at 7:30pm at City Hall.
[where: 400-412 S. Maple Street, Falls Church, VA]
By Stan Fendley, Falls Church City
February 21, 2009
Stan,
I would remind your readers that the residential portion of the Pearson Square project while now rental is assessed as condominiums, which, at the time, was thought to be a good idea. However, as highlighted in Mr. Shield’s budget presentation, condo assessments have dropped by 7.4% while apartment values are up 2.4%. Bet we could use that 9.5% differential now. Maybe next time we get out our crystal ball, we’ll be luckier.
Gary, thanks for that additional information. Here’s to hoping the real estate market comes back soon in all categories.