In the Works: The Top Three Developments Coming To Montgomery County
The Metro Pike Shopping Center Redevelopment
Bethesda-based Saul Centers revealed plans for five mixed-use high-rises planned at 1001 Rockville Pike last year. The first building is slated to arrive at the Marinelli Road corner, replacing the existing McDonald's and bringing a total of 15k SF of new retail on the ground floor and 315 apartments. The final project will include 1.4M SF of residential and over 205k SF of retail.
The Redevelopment Of White Flint Mall
A JV of Lerner Enterprises and The Tower Cos and one of the most talked-about developments in the exploding Pike District, the long embattled White Flint Mall has seen significant delays and reimaginings since its initial conception as a suburban-style shopping mall. Now a mixed-use town center, the sketch plan approval has permitted 5.22M SF of residential, retail, office and hotel development, and a site for a future Montgomery County Elementary School. The future of the $800M redevelopment plan will remain uncertain, however, until the legal dispute with Lord & Taylor has been settled.
The Shady Grove Mini-City
A new Chinese-funded developer and a relatively new Bethesda-based real estate firm have partnered to build a "mini-city" at the end of the Red Line along Shady Grove Road. 1788 Holdings and Lantian Development are planning to invest $500M for a multi-phased, mixed-use development that will include office, residential, hotel and plenty of retail. Although the plot already has seven existing office buildings, many of which are occupied, the JV paid owner TA Associates $50M to begin developing now. Shovels are expected to hit the dirt in early 2017, and the whole project should take anywhere from five to 10 years to complete, depending on who decides to move in.