Rockville is becoming a major mixed-use environment, and JBG is investing heavily. That's why we're excited the man in charge of much of the firm's development in Rockville, Tony Greenberg, is speaking at our Future of Rockville event next week.
JBG has significant holdings across all asset classes throughout Rockville, and Tony (second from left, with colleague Rod Lawrence, Rockville Mayor Bridget Newton, and former city councilmember Mark Pierzchela) tells us there are two big reasons. First: transportation access is stellar, with the Metro and three major roadways (495, 270, 355) connecting tons of jobs and residents to Rockville. (Sure, all roads lead to Rome, but Marcus Aurelius never had the Red Line.) Second: The area's robust existing retail base, especially along Rockville Pike. "That retail demand pre-dated any of the current development" happening in Rockville, Tony says, and it's a major driver for JBG's three major mixed-use projects there now.
One is the Galvan (pictured), a retail/residential play in Twinbrook that will include a new Safeway and 356 market-rate and affordable apartments—to be completed by the end of 2015, Tony says. Nearby, and right above the Twinbrook Metro, JBG recently delivered one apartment community, The Alaire, which is fully stabilized; in early 2015, it'll complete another next door, The Terano, which includes 206 market-rate and affordable apartments and more retail anchored by Revolution Cycles. (JBG also has a project in the works behind Rockville Town Square.) Tony says that Rockville's rental apartment market is as well established as the retail side now, which makes underwriting and setting rents for new projects much easier. Click here for more info on next Wednesday's event.