Federal Realty Investment Trust (FRT) has started the construction on Pike & Rose, a 3.4 million square-foot transit oriented, mixed-use development in Rockville city, Montgomery County, Maryland, US.
Designed by Streetworks, WDG Architecture and Design Collective, the project will feature 450,000 square feet of retail, 1.1 million square feet of office space, 1,500 residential units and 250,000ft² of hotel space.
Federal Realty will convert the existing shopping centre, Mid-Pike Plaza, into a pedestrian-oriented, urban-minded, mixed-use neighbourhood across 24 acres.
Montgomery County Council president Roger Berliner said Federal Realty had also delivered places like Rockville Town Square and Bethesda Row.
"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," Berliner said.
The Pike & Rose development, located at the key intersection of Rockville Pike and Montrose Parkway, will feature ground floor retail with apartments, offices and hotel space above, in addition to open plaza parks, creative common areas, events, street festivals, and a farm market.
Federal Realty Investment Trust vice president of development Evan Goldman said that Pike & Rose will offer Montgomery County residents and office workers the opportunity to live in an environment that delivers the best streets, best-in-class retailers, parks, programming, and access, with traditional shopping and dining experience.
"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," Goldman added.