Federal Realty announced Friday it plans to move into the phase two development of its Pike & Rose project in North Bethesda/ White Flint.
The next phase will bring 1,850 square feet of new ground floor retail with more than 30 new stores, 104 condominiums and 264 apartments along Grand Park Avenue as well as a new 177-room Hilton Canopy concept hotel.
The real estate developer announced its plans Friday while it described the leasing success of its Phase 1 development, which includes the a 174-unit apartment building PerSei, the new iPic Theaters, the soon-to-open AMP performance venue, a number of restaurants including Summer House, Stella Barra and Del Frisco’s Grille, and the under construction Pallas 319-unit apartment building scheduled to open in mid-2015.
“Urban neighborhoods that are authentic at the street level with a vibrant mix of uses and gathering places draw consumers and residents alike,” said Don Wood, president and CEO of Federal Realty, in a statement. “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.”
The condominiums will be built on top of the ten-story hotel, according to Federal Realty. Taken together, the two phases of Pike & Rose will be an estimated total investment of $500 million, according to the developer and occupy about half of Federal Realty’s 24-acre property on Rockville Pike.
Phase II construction is set to begin in 2015 and be completed by 2017, according to the developer.
Above image via the Urban Land Institute website shows the phasing plan at Pike & Rose.
The above diagram shows the buildings and stores in place for Phase 1 and the future Phase 2 layout behind them. Via Federal Realty’s Pike & Rose website.