Shopping Center Business

MAY 2015

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

Issue link: https://shoppingcenterbusiness.epubxp.com/i/502572

Contents of this Issue

Navigation

Page 194 of 342

190 • SHOPPING CENTER BUSINESS • MAY 2015 John H. Larsen The creation of Ellsworth Place from an early urban center shows that real estate, and good design, are key in recreating retail environments. Renewing An Industry Pioneer F rom urban retail pioneer to after- thought and back again to vibrant community cornerstone: Such will be story of Ellsworth Place, the reconcep- tion of City Place Mall in Downtown Sil- ver Spring, Maryland, when it celebrates a grand reopening this fall. City Place Mall was one of the earli- est urban malls in the area when it was developed by Walt Petrie in 1992. Yet the project that launched the rebirth of Downtown Silver Spring did not benefit from all of the development and excite- ment that followed. Now, with return- ing ownership and a renovation that will turn an enclosed center inside out, the reimagined, retenanted, redeveloped and rebranded Ellsworth Place will rejoin the excitement of this vibrant downtown. Located at Colesville Road and Fen- ton Street, near Ellsworth Drive and one block north of Georgia Avenue (Route 97), the 350,000-square-foot, five-level center originally was intended as part of a total downtown redevelopment. But for a variety of reasons, other planned rede- velopment projects did not come together until 2007. For more than a decade, the center stood alone. The result was that "City Place was not enough to generate the sales needed," says Petrie, now chairman of Annapolis, Maryland-based Petrie Richardson Ven- tures. Ownership changed in intervening years, until a joint venture of Petrie Rich- ardson Ventures and Rockwood Capital reacquired City Place in 2013. The own- ership retained ci design to remake and rebrand the center, now called Ellsworth Place, while leasing consultant H&R Re- tail brings together a dynamic combina- tion of category killers, specialty shops and dining for a new exciting core for the central business district. The $70 million redevelopment is more than warranted. The market is exceptionally densely populated and af- fluent, boasting 228,200 people within a three-mile radius, with an average house- hold income of nearly $106,000. With a goal of serving these residents, occupants of some 5,000 new apartments, visitors and a growing number of daytime The designers are using exciting signage to enhance attraction from consumers. Tenants at Ellsworth Place will include anchors Ross Dress for Less, TJ Maxx and Michaels, and an existing renovated Marshalls and Burlington Coat Factory, while accommodating a number of new specialty store spaces. Other tenants include Mc- Ginty's Irish Pub, TD Bank, Mod's Pizza, Ben & Jerry's, Noodles & Company, and Chipotle, with multiple leases being negotiated to open in the fall. An aerial rendering showing Ellsworth Place's location in the heart of Silver Spring, Maryland.

Articles in this issue

Archives of this issue

view archives of Shopping Center Business - MAY 2015