Federal Realty Investment Trust has been granted approval from the Montgomery County Planning Board to develop a mixed-used project on part of its Federal Plaza strip shopping center in Rockville, MD, according to the Washington Business Journal. This decision furthers Montgomery County’s plan for substantial urbanization along the corridor between North Bethesda and Rockville.
The Federal Plaza consists of two parcels – East and West – located roughly half a mile north of Federal Realty’s Pike & Rose development. The REIT now has permission to construct two multifamily buildings with up to 500 units across 474,000 square feet on the surface parking lot at Federal Plaza West as reported by Business Journal .
Retaining much of existing retail space plus adding some new ground-floor retail in one residential building will bring total commercial footprint at this site up 109,000 square feet compared with 135,000 currently available. With these changes total development area for Federal Plaza West would reach 583,000 square feet.
