Giant at Bethesda Row was developed by Federal Realty Investment Trust as a replacement for two Giant stores in the same area--a 23,000-sf grocery store and a 21,000-sf pharmacy. The combining of the two leaves space for a development project that could accommodate a proposed project involving 60,000 sf of retail space and a 180-unit residential area.

"The construction of a newly expanded grocery anchor is a perfect example of our internal growth strategy that focuses on the redevelopment of existing assets," says president and CEO Don Wood. "The high returns achieved on redevelopment allow us to take a disciplined approach to other capital deployment alternatives."