{"id":1004795071,"date":"2026-04-14T01:22:19","date_gmt":"2026-04-14T09:22:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004795071"},"modified":"2026-04-15T05:17:53","modified_gmt":"2026-04-15T13:17:53","slug":"wrs-kicks-off-1-2b-suburban-dc-redevelopment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wrs-kicks-off-1-2b-suburban-dc-redevelopment\/","title":{"rendered":"WRS Kicks Off $1.2B Suburban DC Redevelopment"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a209d4e3c8d8&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004795072\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wrs-kicks-off-1-2b-suburban-dc-redevelopment\/lakeforest-redevelopment\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Lakeforest-Redevelopment.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Lakeforest Redevelopment\" data-image-description=\"&lt;p&gt;https:\/\/www.prnewswire.com\/news-releases\/a-new-chapter-for-gaithersburg-md-wrs-inc-breaks-ground-on-transformative-1-2-billion-lakeforest-mall-redevelopment-302740638.html&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The mixed-use development is rising on the former site of a mall that closed in 2023. Image courtesy of WRS&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Lakeforest-Redevelopment.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Lakeforest-Redevelopment.jpg\" alt=\"Aerial rendering of Lakeforest Redevelopment, a mixed-use project in Gaithersburg, Md.\" class=\"wp-image-1004795072\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Lakeforest-Redevelopment.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Lakeforest-Redevelopment.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Lakeforest-Redevelopment.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The mixed-use development is rising on the former site of a mall that closed in 2023. <em>Image courtesy of WRS<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>WRS Inc. has broken ground on&nbsp;Lakeforest Redevelopment, a $1.2 billion project that will transform the former 102-acre Lakeforest Mall site in Gaithersburg, Md.,&nbsp;into a mixed-use campus. <\/p>\n\n\n\n<p>Lakeforest Mall operated from 1978 to 2023 at 701 Russel Ave. The multi-phase construction plan calls for the replacement of 1.1 million square feet of obsolete retail space and its vast parking lots with 470,000 square feet&nbsp;of new retail and commercial space and 1,600 residential units. This move aligns with evolving <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail market trends<\/a> as developers reposition underperforming malls into mixed-use destinations.<\/p>\n\n\n\n<p>A relocated and upgraded&nbsp;Lakeforest Transit Center is also part of the project. WRS estimates that the redevelopment will generate&nbsp;$2.7 million in annual recurring revenue&nbsp;for the City of Gaithersburg and an estimated&nbsp;$1.7 billion in annual economic output&nbsp;at full build-out.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group cmw-cpe-newsletter\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group cmw-cpe-newsletter-content\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group cmw-cpe-newsletter-content-text\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-cpe-daily-newsletter\">CPE Daily Newsletter<\/h2>\n\n\n\n<p>Every weekday, every important CRE story.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<form class=\"cmw-inline-newsletter\" action=\"https:\/\/whatcounts.com\/bin\/listctrl\" method=\"POST\">\n  <input type=\"hidden\" name=\"slid\" value=\"5C84B893BD6D939E8970225E75BA5E55\" \/>\n  <input type=\"hidden\" name=\"cmd\" value=\"subscribe\" \/>\n  <input type=\"hidden\" name=\"wxuiversionfirst\" value=\"\" \/>\n \n  <input type=\"hidden\" name=\"errors_to\" value=\"\" \/>\n\n  <label class=\"sr-only\" for=\"email\">Email<\/label>\n  <input type=\"email\" id=\"email\" name=\"email\" required maxlength=\"65\"\n         placeholder=\"Your email address\"\n         oninvalid=\"this.setCustomValidity('Please enter a valid email address')\"\n         oninput=\"this.setCustomValidity('')\"\/>\n\n  <button type=\"submit\">SUBSCRIBE<\/button>\n<\/form>\n<\/div><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Construction on the infrastructure of the first phase is underway, including demolition, road networks and storm drain systems. Vertical construction of the first residential and retail blocks will follow afterward.<\/p>\n\n\n\n<p>The Home Depot will anchor the redevelopment&#8217;s retail component with a 140,000-square-foot store, according to <em>The MoCoShow<\/em>. The roster also includes Sprouts Farmers Market and Landmark Theatres.<\/p>\n\n\n\n<p>The property will also feature an entertainment block for standalone restaurants, small shop retail and community space that may be used for a variety of purposes, including farmer&#8217;s markets, food truck events, outdoor movie nights, yoga in the park and community-based events.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/how-mixed-use-can-build-real-communities\/\">How Mixed-Use Can Build Real Communities<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>There will be about 35 acres of green space, including a boardwalk around the site&#8217;s rejuvenated ponds, public gathering plazas and pedestrian and bike networks connecting to surrounding neighborhoods.<\/p>\n\n\n\n<p>The housing options will include about 850 rental units and 750 for-sale apartments in various layouts, including duplexes, townhomes and condominiums.&nbsp;National homebuilder&nbsp;NVR&nbsp;will construct about 600 for-sale residential units, while Potomac Housing Development&nbsp;will build 250 workforce housing apartments. A third company, to be announced, will partner with WRS to develop another 600 for-rent units.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wrs-active-in-redevelopment\">WRS active in redevelopment<\/h2>\n\n\n\n<p>Charleston, S.C.-based WRS is at work on other redevelopment projects, including the planned Standard Knitting Mill in Knoxville, Tenn., into a mixed-use property. The company\u2019s initial concept includes loft-style apartments, specialty retail, market and restaurant space and creative office space.&nbsp;<\/p>\n\n\n\n<p>WRS also undertook the revitalization of Mayberry Mall in Mount Airy, N.C., with new retailers and uses. The 207,542-square-foot property, completed in 1968, is the only enclosed regional mall in a 40-mile radius.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mixed-use project will include more than 470,000 square feet of retail space.<\/p>\n","protected":false},"author":1023,"featured_media":1004795072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,11,21752,21742,1615],"tags":[34743],"class_list":["post-1004795071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-midatlantic","category-mixed-use","category-latest","category-washington-dc","tag-wrs-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WRS Kicks Off $1.2B Suburban DC Redevelopment - 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