Mid Atlantic Real Estate Journal — November 8 - 21, 2013 — A
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Addition of Rose Park amenity and boutique hotel and 200,000 s/f of retail space Pike & Rose receives Montgomery County planning board approval for additional development
OCKVILLE , MD — Federal Realty Investment Trust received approval from the Montgomery County Plan- ning Board for additional de- velopment at Pike & Rose, a 3.4million s/f mixed-use Tran- sit-Oriented Development (TOD) currently underway in the White Flint District of Montgomery County. The approval will allow Federal Realty to add approximately 1.6 million s/f of space to the R
170,000 s/f of retail, 80,000 s/f of commercial office and 493 residential units currently underway, which will begin opening in mid-2014. The additional develop- ment approved for Pike & Rose includes: • Six new city blocks within Pike & Rose which enhances the pedestrian-friendly urban neighborhood that includes residential units, shops, en- tertainment amenities and office space.
buildings and uses when appropriate for the market in a way that complements the existing uses and adds to Pike & Rose’s vibrant, urban neighborhood feel,” said Evan Goldman, VP of development, for Federal Re- alty Investment Trust. “Our construction and delivery strategy has been carefully crafted to reflect the expected demand for commercial office, retail and residential product in the suburban Maryland marketplace. Each section of Pike & Rose is intended to satisfy specific real estate needs, as well as encourage audience interaction and en- gagement.” Federal Realty expects to break ground on some of the additional approved buildings in 2014. n
November 8 - 21, 2013
Rose Park
• A 200-300 room boutique hotel. • 200,000 s/f of additional retail space bringing the total approved retail space for Pike & Rose to 350,000 s/f. •More than 460 residential
units. • 1.4 million s/f of class “A” office space. “With these approvals, we have the ability to continue to execute the vision of Pike & Rose by delivering additional
HI-LIGHTS
The Hampshire Companies sell 317,400 s/f VA ind./whse.
Jones Lang LaSalle represents both parties in transaction WeWork to occupy 32,903 s/f of space in two Douglas Development props.
The Hampshire Companies announced the sale of a 317,400 s/f, industrial ware- house located at 5700 Audu- bon Dr. in Richmond, VA. The buyer is Easton &Associates. See page 8A.
Washington, DC — Douglas Development has signed two leases with the NY- based entrepreneurial hub, We- Work, which projects opening its first two Washington, DC loca- tions before the end of the year. WeWork will occupy 32,903 s/f in the historic Wonder Bread Factory, located at 641 South St., NW; and 21,350 s/f at 718 7th St., NW in Chinatown. WeWork scouts cities for premier locations to open con- temporary, custom-designed workspaces where startups, small businesses and creative professionals can interact and collaborate in one space. Douglas Development princi- pal, Norman Jemal said, “We are very excited to welcome WeWork to DC and couldn’t imagine two better buildings for their first Washington, DC locations.” Jemal continues, “DC is becoming increasingly entrepreneurial-driven and we believe WeWork’s new DC office spaces will encourage more people to launch and grow
HyattPlaceDeweyBeachhosts grand opening celebration
More than 400 people came together Thursday October 24 to join in the ribbon-cut- ting and grand opening cel- ebration for the first Hyatt Place hotel brand in the State of DE - Hyatt Place Dewey Beach. See pages 14-15A.
ALSO INSIDE:
Wonder Bread Factory
Greg McCavera and Sean Black represented WeWork. Built in 1913, Douglas De- velopment’s newly redevel- oped Wonder Bread Factory building offers a class A loft- style environment with 82,000 rental s/f. Evan Behr and Doug Mueller of Jones Lang La- Salle represented Douglas Development n
businesses in the District.” WeWork empowers the suc- cess of its members by providing beautiful workspace, accessible services and collaborative com- munity. Members enjoy perks like access to networking events and speakers, office amenities like high speed Internet, confer- ence rooms and more. Jones Lang LaSalle’s Jay Farmer, Steve Burman,
D elmarva ’ s I ndustrial &
D istribution C enter S potlight ........................9-16A
C ommercial -I ndustrial R ealty C ouncil ............. 17A
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