Mayor Larry Giammo is hoping that the public-private partnership that led to the development of the Rockville Town Square will be replicated in future projects. "There is a significant amount of public investment going into this. Every level of government is putting money into it."
The $320-million project has received $100 million in government funding, including $50 million from the City of Rockville; $40 million from Montgomery County; $3 million to $4 million from the State of Maryland and the remainder from the federal government, according to Giammo. Of the $40-million Montgomery County investment, $30 million was earmarked to develop a 100,000-sf pubic library that will anchor the development.
A mixed-use community, Rockville Town Square includes 644 condominium residences, 180,000 sf of restaurants and retailers. It is anchored by an open-air Town Square featuring the library as well as a 40,000-sf living arts cultural center called the Metropolitan Center for the Visual Arts at Rockville. Other participants in the project include RD Rockville LLC, Ross Development & Investments and Danac Corp.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
