Yesterday in Rockville
E-commerce has had a tectonic effect on the retail biz. But according to Federal Realty's Robin McBride at Bisnow's Future of Rockville event yesterday, the rise of Internet shopping actually boosts retail-heavy mixed-use projects. If done correctly (as Federal is aiming for with Pike & Rose in White Flint), Robin says, mixed-use offers a place to shop, dine, and simply hang out that sitting behind a screen can't give the consumer. (Exactly! That's why we go to Best Buy and sit in front of the video games.)
Montgomery County economic development czar Steve Silverman (who's nothing if not hydrated) is bullish on White Flint and downtown Rockville as centers for office growth. White Flint's rapidly growing amenity base aligns with what C-level executives look for in a new location, and downtown Rockville's central location offers proximity to a great deal of employees in not only Rockville but Gaithersburg, Germantown, and Frederick, too.
White Flint, downtown Rockville, and Twinbrook are the three clear nodes of the city, JBG's Tony Greenberg says. Renters and consumers need those choices to avoid having a "monolithic experience" when living or shopping in Rockville. White Flint is perfect for people looking for an entertainment bent, Twinbrook has a more recreational vibe, and downtown Rockville offers a more civic-minded environment, thanks to VisArts and the library, Tony says.
Duball's Marc Dubick says having clear choices is especially important for Millennials moving to Rockville, since there's intense competition among developers around the region to attract them. (For a generation marked by detached irony, everybody sure wants to attach to them.) Marc also points out that the urbanization of Rockville isn't likely to stop anytime soon, in a reversal of the flight developers and residents took to the suburbs following World War II.
Traffic congestion is one of Rockville's longstanding problems, but the city is actively trying to update its master plan, director of long-range planning David Levy says: Attracting businesses and retail to the area is a tough proposition "if you can't get to work and can't get to shopping." His team is looking to improve bus rapid transit as well as updating easements and access roads.
Linowes & Blocher's Erin Girard concurs, adding that the city's long-term fortunes may be stunted if transportation can't adjust. "There will be no growth if there's no transportation capacity to handle it."
Overbuilding, as is the case in most hot submarkets in the DC region right now, is a concern for Rockville. Foulger-Pratt's Dick Knapp, whose firm has about 1,000 units in development at its East Village project in White Flint, says "a day doesn't go by when we don't have to defend our thesis," on adding new units. While many developers might have to offer short-term concessions to fill units, long-term job growth figures appear strong enough to warrant new development.
