Federal Realty Investment Trust (NYSE: FRT) announced today that it broke ground on Pike & Rose, a 3.4 million square-foot transit oriented, mixed-use development, on Monday, July 16 at 10:30 am. Governor Martin O'Malley, Lieutenant Governor Anthony Brown, County Executive Isiah Leggett, County Council President Roger Berliner, The Montgomery County Council and Don Wood, Don Briggs, and Evan Goldman of Federal Realty will officially celebrate the start of construction at Pike & Rose and the creation of an estimated 688 jobs from phase one of the project, which is scheduled to open in 2014.
Pike & Rose, designed by Streetworks, WDG Architecture and Design Collective, is the first major project to break ground in the designated White Flint District since the approval of the master plan. The neighborhood, a key component in the area's revitalization, will feature 450,000 square feet of retail, 1.1 million square feet of office space, 1,500 residential units and 250,000 square feet of hotel space all less than a quarter mile from the White Flint Metro station.
"Federal Realty is a valued partner in Montgomery County. Time and time again they have delivered true destinations that the community embraces and genuinely enjoys – places like Rockville Town Square and Bethesda Row," said Roger Berliner, President of Montgomery County Council. "We are delighted to be part of a process that will transform what is there today and create a best-of-everything neighborhood for Montgomery County - streets that are alive with people, events, entertainment, stores and restaurants."
The existing shopping center, Mid-Pike Plaza, will be transformed into a pedestrian-oriented, urban-minded, mixed-use neighborhood across 24 acres. Located at the key intersection of Rockville Pike and Montrose Parkway, the new development will incorporate the best of what Federal Realty has created at its other mixed use properties across the country. Like Santana Row in San Jose, CA, Pike & Rose will feature ground floor retail with apartments, offices and hotel space above – all located amidst a carefully orchestrated environment of open plaza parks, creative common areas, events, street festivals, a farm market, music and more. Shoppers, guests, and patrons alike will walk, shop, eat, live and work in an experience designed for them. From one of the first rooftop garden plots for rent in the county to a new path of streets lined with a mix of the area's most vibrant shops, eateries, and entertainment, Pike & Rose will be the area's must-experience destination.
"Pike & Rose will dramatically enhance the quality of life in Montgomery County giving residents and office workers the opportunity to live in an environment that delivers the best streets, best-in-class retailers, parks, programming, and access – all thoughtfully designed to inspire while transcending the traditional shopping and dining experience," said Evan Goldman, vice president of development for Federal Realty Investment Trust and winner of the 2012 Livable Communities Leadership Award for his work on Pike & Rose. "We are excited to see the development of Pike & Rose take shape knowing what it represents for the area in terms of jobs and economic development. We are also eager to give the community a unique destination built on the successes of our other projects and what our customers are asking for."
About Federal Realty
In 2012, Federal Realty celebrates 50 years of being a proven leader in the ownership, operation, and redevelopment of high quality retail real estate in the country's best markets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 19.2 million square feet located primarily in strategically selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 93.8% leased to national, regional, and local retailers as of March 31, 2012, with no single tenant accounting for more than approximately 2.5% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 44 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT. For more information, please visit www.federalrealty.com.