TYSONS CORNER, VA-Macerich and Alaska Permanent Fund Corp. have revealed a slew of deals for Tysons Corner Center, of which Macerich is the master-developer. Third-party development agreements have been inked with hotel specialist Woodbine Development Corp., multifamily development company Kettler, and Hines, which will manage the office development. These agreements will translate into the development of luxury apartments, a high-end hotel and office tower, all within walking distance of Tysons Corner.

"We have the land, the location and the unique opportunity to make this famed piece of real estate even better by bringing together three top developers--Hines, Kettler and Woodbine--to create one of the nation's signature new mixed-use communities," said Macerich CEO Art Coppola, in a prepared statement. "The proximity to the new office, residential, and hotel properties will enable us to further strengthen Tysons Corner Center, as well as bring additional business-development opportunities to the area."

The deals call for Hines to oversee the development of the 22-story Tysons Tower, which will be the only office building in Tysons Corner with a dedicated Metrorail station, and for Kettler to develop and manage a 28-story residential apartment building. The office tower will also include 1,210 new parking spaces—an important commodity in this part of town.

The REIT did not provide more details about the hotel development, other than it will be part of the trio of buildings that will connect to each other and to the Tysons Corner iconic retail center by way of an elevated outdoor plaza. The entire redevelopment is scheduled to open in 2014. The Alaska Permanent Fund has been an investor in Tysons Corner Center since early 1985.