- 185,000 SF of New Ground Floor Retail with over 30 Additional Stores
- 104 Luxury Condominiums and 264 High-end Apartments
- 177-Room Canopy by Hilton Lifestyle Boutique Hotel
ROCKVILLE, Md., Oct. 30, 2014 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) announced today its plans to proceed with Phase II of Pike & Rose to meet the strong retail and residential demand at this exciting new neighborhood in affluent Montgomery County, MD. Phase II continues the main street, Grand Park Ave, with a vibrant blend of retail, residential and a boutique lifestyle hotel that complements the unique mix of shops and entertainment venues in Phase I. Phase II will also include over 30 new stores as well as 264 high-end apartments and 104 luxury condominiums.
"Urban neighborhoods that are authentic at the street level with a vibrant mix of uses and gathering places draw consumers and residents alike," commented Don Wood, President and CEO of Federal Realty. "We are pleased that the residential and retail demand for our first phase has set the table for the continuation of this exciting new main street." Pike & Rose's Phase I, whose ground floor retail is fully committed, has just begun its much anticipated opening season. Highlights include:
- Per Sei – 174 upscale residences, now over 75% leased following its summer opening
- Del Frisco's Grill, which opened last month and will be joined in the coming weeks by exciting chef-driven restaurants, such as Summer House and Stella Barra
- iPic Theaters, a high-end movie theater that opened this week
- AMP by Strathmore, a lively rooftop music venue set to open in Spring 2015
- Sport & Health, fully-programmed with fitness classes and personal training, will open this December
- Pallas – 319 luxury high-rise residences which will open mid-year 2015
Following the success of Phase I, Phase II will showcase one of the first hotels in Hilton's exciting new lifestyle brand, Canopy by Hilton. In announcing the choice to build at Pike & Rose, Chris Nassetta, Hilton Worldwide's President & CEO commented, "For our business and leisure travelers, a sense of place matters. Federal has a proven track record of delivering vibrant, urban mixed-use neighborhoods that our hotel guests value, where they will be just steps away from chef-driven restaurants, new and engaging music venues, health clubs, theaters and other attractive amenities."
The 177-room, ten-story hotel will be topped with eleven floors of luxury condominium residences, where owners will be offered many of the exceptional amenities available to guests at Canopy by Hilton. "We are thrilled to work with Federal on a product that stands apart – luxury residences with important lifestyle amenities in a lively mixed-use environment like Pike & Rose," said Ross McWilliams, President of McWilliams|Ballard, an industry-leading residential real estate firm. "Just steps from the Metro, this unique residential offering will draw significant demand from across the greater Washington metropolitan area." (Click Here to sign up for more information on the condominiums)
Upon completion of Phase II, Pike & Rose will deliver over 50 tenants in 340,000 square feet of thoughtfully merchandized retail space, 177 boutique hotel rooms, 80,000 square feet of best-in-class office space, 861 luxury multifamily residences and nearly 2,000 parking spaces. Together, Phase I and II will represent a total investment of approximately $500 million, but will utilize less than half of the 24-acre site's development potential. Construction on Phase II is set to begin in 2015 and is expected to deliver in 2017 (Click Here to see the site plan).
About Pike & Rose
Located at the key intersection of Rockville Pike and Montrose Parkway in the heart of Montgomery County, Maryland, Pike & Rose will be a pedestrian-oriented, urban-minded, mixed-use neighborhood, just a few blocks from the White Flint Metro Station. Central to the area's revitalization efforts, Pike & Rose will comprise 1.5 million square feet of commercial space, 1,605 residential units and a 177-room boutique hotel at full build out. It will incorporate the best of what Federal Realty has created at its other mixed-use properties across the country; Pike & Rose will feature thoughtfully curated ground floor retail with apartments, condos, offices and hotel space above - all located amidst a carefully orchestrated environment of open plaza parks, creative common areas, events, street festivals, a farmers market, music and more. Shoppers, guests, office workers and patrons alike will walk, shop, eat, live and work in an experience designed for them. Pike & Rose will be the area's must-experience destination.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 0.8 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 95.6% leased to national, regional, and local retailers as of September 30, 2014, with no single tenant accounting for more than approximately 3.2% 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 47 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.
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SOURCE Federal Realty Investment Trust
