ROCKVILLE, MD—Federal Real Investment Trust is moving forward with phase II of its Pike & Rose development. More retail will be featured in phase II, along with a boutique hotel—one of the first hotels in Hilton's new brand, Canopy by Hilton—and 264 high-end apartments and 104 luxury condos.
The look and feel of the development is urban despite its suburban location, which has been the guiding principle of the project since its inception. "Urban neighborhoods that are authentic at the street level with a vibrant mix of uses and gathering places draw consumers and residents alike," says Don Wood, president and CEO of Federal Realty, in a prepared statement.
Phase I of the project is well into its leasing cycle. The REIT reports that Pike & Rose's Phase I ground floor retail is fully committed.
Canopy by Hilton is slated to be a 177-key, ten-story hotel that will be topped with eleven floors of luxury condos.
When it is completed, phase II will deliver over 50 retail tenants in 340,000 square feet, 80,000 square feet of office, 861 luxury multifamily residences and nearly 2,000 parking spaces. The two phases will represent a total investment of approximately $500 million.
Construction on Phase II is set to begin in 2015 and is expected to deliver in 2017.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
