Sunday, July 18, 2010

Process/Timeline for the redevelopment of Mid-Pike Plaza

On July 14, Federal Realty Investment Trust presented the sketch design for Mid-Pike Plaza to the community at large. The presentation was made by Evan Goldman. FRIT owns a number of very successful commercial properties and has made a specialty of developing transit-oriented mixed-use projects. Mid-Pike Plaza is located at the very north end of the White Flint Sector Plan, bounded on the north by Montrose Parkway, south by Old Georgetown Road (where it bends to meet Rockville Pike), east by Rockville Pike, and west by the old Old Georgetown Road, recently renamed Hoya Street. It is 24 acres, the 3rd largest property in the sector (after White Flint Mall and LCOR's WMATA site behind the White Flint Metro). The plan is to be completed in three phases, with the projected calendar as follows (take this with a large grain of salt; no one knows how long the process will take, but these are goals):

Next 2 months, Evan will meet with any and all community groups to share the presentation. White Flint Coalition's meeting is Aug. 3.
The sketch plan will go to the county sometime in September, with a public hearing in the fall and approval by the end of the year.
During the next year, 2011, the detailed site plan for phase 1 will go through the approval process.
Groundbreaking on phase 1 will occur in about 2 years. This will cover the area currently occupied by ToysRUS and the old Linens 'n Things space. Those leases expire at the end of 2012.
The other leases on the property (smaller stores, including Filene's Basement, Bally's, CVS, La Madeleine, Chipotle) are valid until the end of 2014, so that area will be part of phase 2. Phase 3 will be built on the parking area north of the shops.

No comments:

Post a Comment