R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — July 2023 — 11A
www.marej.com
ASHINGTON DC — Tishman Speyer announced Friendship Heights mall undergoes transformation into mixed-use development Tishman Speyer secures $150M construction financing for redevelopment of Mazza Gallerie W
quality brands. In response to the neighborhood reposi- tioning, the target customer mix will include boutique stores, premium neighbor- hood services, and a mix of fast casual and full-service food and beverage offerings. In addition, Tishman Speyer will maintain the mall’s 70,000 s/f retail concourse, catering to large format users such as grocers and soft goods, which will once again be anchored by TJ Maxx. The redevelop - ment will also maintain over 800 parking spots across four below-grade levels. “With its prime location above the Friendship Heights Metro station on the border of DC and Maryland, the rei - magined Mazza Gallerie will blend the walkable amenities of downtown living – includ- ing local restaurants, shops, grocery stores and parks – with immediate proximity to several of the region’s long- standing premier suburban neighborhoods,” said Tish- man Speyer senior managing
director Paul DeMartini . “We are thrilled to have se - cured financing and to take these next steps towards mak- ing our vision a reality.” Added 3XN Partner Jens Holm, “Given its prominent location and expansive Wis - consin Avenue frontage, the redeveloped Mazza Gallerie will serve as a gateway to the Friendship Heights neighbor- hood as well as the District of Columbia as a whole. Work - ing with Tishman Speyer, we have designed it with an undulating façade to create movement and visual interest along the Avenue, while also incorporating terraces, court- yards and street-level retail that will offer opportunities for residents and the local community to meet, thrive and mingle.” Davis Construction and Smoot Construction are serv- ing as co-general contractors for the project. 3XN is part- nering with Eric Colbert & Associates, which is serving as Architect-of-Record. MAREJ
it has secured $150 million in construction financing from RBC Capital Markets , as well as all permits necessary, to move forward with its rein- vention of Mazza Gallerie in Washington, DC. Working with acclaimed Dan - ish design architects 3XN , Tish- man Speyer is transforming the obsolete shopping mall in Friendship Heights into a dy- namic mixed-use development featuring 320 rental apart- ments and 90,000 s/f of retail. Tishman Speyer will re- place Mazza Gallerie’s exist - ing three-story above-grade structure with a new seven- story building with a striking, undulating masonry façade set atop a new glass enclosed re- tail podium. Tishman Speyer will maintain the existing below-grade concourse retail and parking structure. Demo - lition of the existing structure is underway and completion of the residential portion and CHERRY HILL, NJ —Cher - ry Hill Mall, a PREIT shopping center, continues to attract top- tier tenants and shoppers. Ear - lier this month, the property welcomed Eddie V’s, a prime quality seafood restaurant, offering a fine dining experi - ence. Its first location in south Jersey, Eddie V’s high-quality offering adds to an already dy- namic full-service dining lineup comprising The Capital Grille, Seasons 52, Maggiano’s Little Italy and Bahama Breeze. “The interest of these coveted brands and experiences demon- strates our commitment to pro- viding best-in-class retail offer- ings,” said Joseph Coradin o, CEO of PREIT. “Cherry Hill Mall continues to be a beacon for new-to-portfolio tenants elevat- ing the region’s shopping, din - ing, and entertainment needs.” The recently opened Eddie V’s, Psycho Bunny and the IKEA pop-up shop and remod - eled H&M, Garage and Aldo
Mazza Gallerie
sundeck, robust co-working of- ferings with private conference facilities, a golf simulator, a landscaped roof deck with a large event space and demon- stration kitchen, a state-of-the- art health and wellness center and tenant lounges. Tishman Speyer will intro- duce 20,000 s/f of new ground floor retail designed to maxi - mize placemaking along Wis - consin Ave. and attract top first wave of new retail open - ings is anticipated in 2025. The luxury rental apart- ments, forty of which will be designated affordable, will range from studios to three bedrooms. The unit mix will include two-story townhouses and premier penthouses with private terrace space. All resi - dents will benefit from a host of best-in-class amenities, including a courtyard pool and PREIT’s Cherry Hill Mall, continues to attract best-in-class tenants
stores build upon an existing robust tenant roster and will be fortified by upcoming addi - tions of Brooks Brothers and UNIQLO this summer, and
Oak & Fort later this year, among others. At $940 psf, sales at Cherry Hill Mall are a standout performer and serves to attract new tenants across
PREIT’s portfolio. “Throughout our portfolio, capitalizing on incredible retail demand to introduce new-to- market tenants to our power-
ful collection of properties is a priority and highlights brick- and-mortar as a key component of a successful retail strategy,” added Coradino. MAREJ
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