Federal Realty Investment Trust has been granted approval from the Montgomery County Planning Board for a new mixed-used development at part of its Federal Plaza strip shopping center in Rockville, MD, according to the Washington Business Journal. This decision advances Montgomery County’s vision for substantial urbanization along the corridor between North Bethesda and Rockville.
The two parcels that make up Federal Plaza – East and West – are 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 Federal Plaza West’s surface parking lot as reported by the Business Journal .
Retaining much of its existing retail space plus adding some new ground-floor retail in one residential building will bring total commercial footprint at this site to 109,000 square feet compared with 135,000 currently. When completed this infill will bring total development on Federal Plaza West up 583,000 square feet.
