PREIT — a publicly traded real estate investment trust that owns and manages properties developed to be community-centric hubs —has obtained unanimous approval from the Fairfax County Board of Supervisors for the development of 460 apartments and a 165-room hotel at Springfield Town Center in Springfield, VA.

According to the trust, the approval paves the way for the sale of two land parcels currently under agreement of sale.  The sale of these parcels is expected to generate approximately $20 million for PREIT.

Executing on multifamily land sales helps to create thoughtful spaces that enhance the property and surrounding community while supporting a more sustainable future, explains PREIT. They are also critical to PREIT’s capital-raising efforts by transforming underutilized land into value-enhancing real estate. PREIT’s vision is to transform Springfield Town Center into a multi-use hub and to take advantage of its location in creating the preeminent family entertainment destination in the Washington, DC area.