Work is underway on a mixed-use development set to bring 1,600 residential units and nearly half a million square feet of retail to the site of a shuttered mall in Gaithersburg.
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Developer WRS began demolition Monday on the 102-acre Lakeforest Mall in preparation for its planned $1.2B project at the site.
In addition to residential and retail, the new Montgomery County mixed-use community is slated to house a public transit center, 35 acres of green space, and pedestrian and bike networks connecting it to surrounding areas.
The development was originally conceived to include 750K SF of life sciences-related space, such as offices, labs and manufacturing facilities, but a WRS spokesperson told Bisnow that the plan for that property type is being reevaluated given a “softening in the life sciences sector.”
WRS hasn’t ruled out including life sciences-related development in future plans, but it is looking at other uses as well, depending on the demand.
A news release from the developer doesn't include details on its construction financing, and the spokesperson declined to share more.
Lakeforest Mall, which opened in 1978, closed its doors in the spring of 2023 to make way for the redevelopment.
WRS purchased the main Lakeforest Mall site in 2019 and four adjacent anchor parcels in 2022. It received approval for the overall redevelopment in September 2024.
“This is more than just a construction project; it is the rebirth of a community anchor,” WRS principal Kevin Rogers said in the release.
“We aren't just building buildings; we are creating a destination where people can live, work, and thrive without being dependent on their cars. We are proud to deliver a project that honors the legacy of Lakeforest while looking firmly toward the future of Gaithersburg,” he added.
Of the 1,600 planned residential units, 850 are slated to be rentals and 750 are to be for sale, including duplexes, townhomes and condo units.
NVR is set to construct 600 of the for-sale units across multiple housing types. The release doesn't identify the developer for the other 150 for-sale units.
On the rental side, Potomac Housing Development plans to construct 250 workforce units, and WRS says it will announce a partnership with a developer for the other 600.
WRS is planning to build 470K SF of retail. The developer has already inked preleases with Home Depot, Sprouts Farmers Market and Landmark Theatres.
The new transit center on the site will serve eight bus routes and a planned bus rapid transit network, WRS announced in November. Montgomery County is putting up $5M to buy the land and get the site ready for construction.
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