Rockville's Getting Another New Mixed-Use District
A series of old office buildings is on the chopping block as another developer aims to bring mixed-use development to Rockville. A JV of 1788 Holdings and Chinese-backed Lantian Development has bought 31 acres along Shady Grove Road for $50M, and plans to tear down the seven office buildings and replace them with up to 2M SF of office, retail, hotel and residential. First, the JV plans to renovate the five office buildings to the north of the site (Phase 2 above) and to lease the available 145k SF, then demolish the two office buildings on Choke Cherry Road and start to build mixed-use. Altogether, the project could cost north of $500M and is expected to take about 10 years. “When the development is completed, it will be pedestrian-friendly, encourage audience interaction and engagement, and establish a sense of place for the local community," Lantian Development CEO Brian McLaughlin says. The portfolio was purchased from TA Associates. It sits a mile from the Shady Grove Metro station and, if successful, could be Rockville's answer to the Mosaic District in Merrifield. The project is still without a name, which the JV expects to announce, along with the first renderings, in early 2016.
