The company and its partner in the effort, RCLCO, began the work in February and will finish it sometime this summer.
Only one in five retailers in town is a national chain, but those businesses occupy 284,300 square feet of space, or about one-third of the retail space available.
The town is over-supplied with retail, especially in the broad category termed “GAFO,” which stands for general merchandise, apparel, furnishings and other.
Vienna residents are responsible for about 87 percent, or about $209 million annually, of commercial spending in the town.
Vienna might be able to improve its fortunes by providing more Class A office space of a kind that would appeal to smaller firms offering legal, architectural and specialized consulting services, consultants said.
Vienna has about 320,000 square feet of industrial space, much of which is located north of Church Street, N.E., between Dominion Road, N.E., and Mill Street, N.E.
Town officials might be able to lessen the projected loss of 37,000 square feet of industrial space in coming years by poaching some firms from surrounding Fairfax County, which otherwise might leave the region.
The discussion touched briefly on the new CubeSmart storage facility being built on Mill Street, N.E., which is replacing several small businesses.
According to the report, town has 534 multi-family units, which constitute 9 percent of its housing stock.
“I think the effort that we put forth should be to emphasize that we are a special destination that’s worth a visit, a meal and a purchase,” said Council member Ray Brill Jr.
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