(For more retail coverage, click GlobeSt.com/RETAIL.)
ROCKVILLE, MD-Thirteen tenants sign on for space at the mixed-used Rockville Town Square--most are locally based retailers and restaurants. Scott Ross, president of Ross Development and Investment, one of the project's developers, tells GlobeSt.com that interest from retailers and potential resident is strong.
The 12.5-acre mixed-use community will include 644 condominiums, 180,000 sf of retailers, a 100,000-sf Montgomery County public library, a 40,000-sf cultural arts center and an open-air town square. It is being developed by Ross and Danac Corp., along with the City of Rockville and Federal Realty Investment Trust.
The new tenants include boutiques Red Orchard, Waygoose, Bedheaders, and Cottage Monet. Also signing on for space are restaurants Greystone Grill, La Tasca, Moe's Southwest Grill, Doc Green's, Cosi, Five Guys, and Fractured Prune. There will also be a two-story Gold's Gym and an Aveda Day Spa. About 80%, or 144,000 sf of the retail space has been leased.
The first and second phases of the condo sales are completed, Ross says. "We are also about to raise prices for the condos by an incremental amount." Currently the condos are selling for about $500 per sf, about half the rate of a comparable condo in Washington, DC.
Ross is also getting set to begin work on a higher end complex in Bethesda. The firm purchased the land at 4900 Fairmount this January, he reports. "We are now putting together a design and floor plan which we will announce in about a month."
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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.
