WRS Kicks Off $1.2B Suburban DC Redevelopment
The mixed-use project will include more than 470,000 square feet of retail space.
WRS Inc. has broken ground on Lakeforest Redevelopment, a $1.2 billion project that will transform the former 102-acre Lakeforest Mall site in Gaithersburg, Md., into a mixed-use campus.
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 of new retail and commercial space and 1,600 residential units. This move aligns with evolving retail market trends as developers reposition underperforming malls into mixed-use destinations.
A relocated and upgraded Lakeforest Transit Center is also part of the project. WRS estimates that the redevelopment will generate $2.7 million in annual recurring revenue for the City of Gaithersburg and an estimated $1.7 billion in annual economic output at full build-out.
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.
The Home Depot will anchor the redevelopment’s retail component with a 140,000-square-foot store, according to The MoCoShow. The roster also includes Sprouts Farmers Market and Landmark Theatres.
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’s markets, food truck events, outdoor movie nights, yoga in the park and community-based events.
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There will be about 35 acres of green space, including a boardwalk around the site’s rejuvenated ponds, public gathering plazas and pedestrian and bike networks connecting to surrounding neighborhoods.
The housing options will include about 850 rental units and 750 for-sale apartments in various layouts, including duplexes, townhomes and condominiums. National homebuilder NVR will construct about 600 for-sale residential units, while Potomac Housing Development will build 250 workforce housing apartments. A third company, to be announced, will partner with WRS to develop another 600 for-rent units.
WRS active in redevelopment
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’s initial concept includes loft-style apartments, specialty retail, market and restaurant space and creative office space.
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.
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