The Springfield Mall transformation is currently still on schedule and construction leases will be complete by summer 2014, said Michael Schear, president of Vornado Realty Trust, according to a recent transcript on Seeking Alpha.

"I mentioned earlier in my opening remarks the Springfield Mall in Virginia is in the midst of a total transformation that will make it the dominant fashion offering for an affluent and underserved trade area in the south side of the D.C. Metro area," Schear said.

The new Springfield Town Center will include existing anchors, J.C. Penney, Macy's and Target, as well as a new cinema, health club and duly anchoring offices, along with 45,000 square feet of restaurants, a new food court and 450,000 square feet of mall shops. The construction leasings are on schedule for summer 2014 opening, and we will be announcing additional lead tenants later this year."

At the moment, construction that has already taken place makes it possible to see clear through the structure from one side to the other. When completed, the town center will be 1.3 million sq. ft. and will include fashion, dining and entertainment in a central location right at I-95 and the Capital Beltway and adjacent to a metro station.

According to the Vornado website, the new town center is expected to bring in about 500,000 cars daily and is located in an area where it can be accessable to about 800,000 people with an estimated household income of more than $117,000 a year and growing.

The demolition of the Springfield Mall began Nov. 26. All of the mall's stores closed back in July except for Macy's, JCPenney and Target. A site plan for the redevelopment was recently added to the Springfield Town Center website. The new town center is set to open in the fall of 2014.

See also:

Springfield Town Center Construction Continues

Demolition of Springfield Mall Underway

Springfield Mall to Close All but Anchor Stores

Springfield Mall: Health Club, Movie Theater in Redevelopment Plans