GAITHERSBURG, MD-Five Mile Capital Partners LLC of Stamford, CT has brought on real estate developer Hines to help shape the redevelopment of the outdated 1980s Lakeforest Mall here.
No specific details on the redevelopment project for the more than 1-million-square-foot center that sits on a 103-acre parcel have been released. Hines, which is based in Houston, is currently building the CityCenterDC development in downtown Washington.
"What we find extremely exciting about the announcement is that Gerald Hines is involved," said John Schlichting, director of planning and code administration for Gaithersburg. "I consider Gerald Hines to really be the gold standard. … They're the largest private developer in the world. In teaming with Hines, that's an important piece that they have brought on the best to look at options for the mall." Gerald Hines is the founder and chairman of Hines. See story in the Washington Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
