Just One Piece of the Puzzle

Original Article on Bisnow.com – 2/24/11

Yesterday, while exploring the International Council of Shopping Centers show floor, we realized that National Harbor (where the conference took place) sets an example: No property type is an island. It’s all about mixing uses, as in the 358-acre One Loudoun that broke ground on Tuesday. (If Loudoun gets a giant underwater statue, then we’ll really be on to something.)

We snapped Potomac Development’s Jeff Parana and Miller and Smith’s Ed Podboy and Bill May. Miller and Smith is partnering with Japan-based homebuilder SEKISUI HOUSE (its first US investment) on the 5M SF One Loudoun community, which will house the World Trade Center Dulles Airport, bringing 14,000 jobs. The downtown portion (600 residences, 663k SF of retail, 3M SF of office and 750 hotel rooms) will deliver in 2013—Potomac was at ICSC to promote retail leasing. South Village (314 residence, 39k SF of retail, and 124k SF of office) will be complete in 2014 and North Village (500k SF office and 125 residential units) in 2016. Bill says the massive center—designed by Torti Gallas, The Eisen Group, and Miller and Smith—is shooting for LEED for Neighborhood Development. The JV has already completed $30M of infrastructure, like an elementary school and 16 miles of roads.

Greenberg Gibbons Commercial CEO Brian Gibbons showed us the site plan for the redevelopment of the Laurel Mall on Rte. 1 in Maryland. He says the $200M project (owned by Samara Capital, with AEW as equity partner) is in the conceptual stage, but the plan is to demolish everything except Macy’s, which will get a new facade, and the rear parking structure. Going up instead will be 575k SF of retail (including a movie theater) and 435 residential units—and maybe some office if there’s demand.

We also snapped Roadside Development co-founder Richard Lake (with his new love, his iPad), who tells us work is starting on the second phase (300k SF of retail) of NoVa’s Stonebridge at Potomac Town Center. It’s already got a 138k SF Wegmans and 65k SF of additional retail, and 500k SF of office is in the works. Roadside and BlackRock own another 22 acres there and plan a 140-key hotel, another 100k SF of office, and two retail pads. Richard tells us he’s also working on the $300M redevelopment of CityMarket at O, one block north of the convention center in the District’s Shaw neighborhood. Phase 1 will have 87k SF of retail (including a 72k SF new Giant grocery store that will re-create the experience of the site’s O Street Market, which was built in 1881), 400 apartments, and a 181-key hotel. Delivery is slated for 2014.

JBG Rosenfeld Retail principal Grant Ehat and leasing EVP Bob Schwenger say the firm just got site plan approval to demolish Moore Cadillac in Tysons Corner and replace it with 200k SF of retail (including a health club and grocer), costing $66M. It’s adjacent to the Sheraton JBG bought in December for $84.5M, and Grant tells us it’ll break ground in four months. Bob says activity is spiking in infill spaces across the firm’s 5M SF portfolio.

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