First Potomac Realty Trust has submitted a site plan application that would see major changes come to its sprawling 27-acre Redland Corporate Center in Rockville.
The company has submitted a three-phase proposal for improvements to the site, which is home to three office buildings at 520, 530 and 540 Gaither Rd. First Potomac hopes the proposed changes will help to re-energize the suburban office park, Bethesda Magazine reports.
Plans for Phase 1 calls for the construction of a nearly 3k SF café and pavilion on an existing surface parking lot, plus a host of cosmetic changes to create an inviting and pedestrian-friendly environment. Phases 2 and 3 would both bring new 11-story Class-A office buildings, both slated to be built as market conditions permit.
The big changes planned for Redland were likely spurred by a major vacancy that came to pass last October, when a Department of Health and Human Services agency left for new digs at JBG’s renovated 5600 Fishers Lane building.
Bob Milkovich, First Potomac’s new CEO, has acknowledged that the Bethesda-based REIT has a rough patch on the horizon, but also views it as a great chance for the company to redefine itself. Last month, Bisnow identified nine properties First Potomac either will or could sell as it repositions itself. Redlands was on the list, but as a likely "hold." [BETH]
