2014 | Real Estate

Federal Realty Celebrates Phase 1 of Pike & Rose with Ribbon Cutting

Officials braved the cold Tuesday morning to celebrate the first phase of the large development project

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Federal Realty CEO Don Wood at the ribbon cutting event Tuesday morning at Pike & Rose.

photo via Federal Realty

Federal Realty Investment Trust announced last month it’s set to begin phase two development of Pike & Rose, so it made sense to celebrate the success of the development of phase one.

On Tuesday, officials from Montgomery County and Federal Realty gathered for a ribbon cutting to show off the transformation at the former Mid-Pike Plaza on Rockville Pike.

The first phase includes the luxury iPic Movie Theaters, new restaurants such as Del Frisco’s Grille and the opening soon City Perch Kitchen & Bar, retail stores like the Gap and Francesca’s, the performance venue AMP by Strathmore, which is scheduled to begin hosting live acts next year, and 493 residential units in the Pallas and PerSei apartment buildings.

Federal Realty is investing $500 million into the first two phases of the development. The second phase will bring a 177-room Canopy Hilton hotel, 30 new stores, 264 additional apartment units and 104 condos.

County Councilmember Roger Berliner talks to Planning Board Chairman Casey Anderson prior to the ribbon cutting.

County and Federal Realty officials celebrate Pike & Rose's Phase 1 development with a ribbon cutting Tuesday morning. All photos provided by Federal Realty.