Saturday, October 01, 2016
Report: Mazza Gallerie in the process of being sold
according to the website GlobeSt.com. TH acquired the 294000 SF mall for around $77 million in 2004. Neither party would comment on the transaction, the website reported.
If true, this would be major real estate news with implications for both sides of the D.C. border. The buyer could either invest in major upgrades and new tenants, or this could be a prime redevelopment site. I'm not sure if that dilapidated parking lot adjacent to the mall conveys with the building (perhaps one of our resident real estate experts could weigh in on that in the comments), but even the mall site alone at transit-oriented density should allow a significant high-rise mixed-use project.
I may have the highest nostalgia level for this mall of anybody in the area, but even I have to admit the property is too valuable to not consider every option. Having said that, nearby Chevy Chase Pavilion and Collection at Chevy Chase have recently chosen renovations over redevelopment.
Wisconsin Place did the opposite by demolishing Hecht's (still better-remembered as the legendary Woodward and Lothrop to some of us) and constructing a very nice mixed-use development on that larger plot of land. Even that project did not fully capitalize on the proximity to Metro, with the residential component confined to one portion of the site, rather than being placed atop all of the retail as well. Nuts.
Mazza Gallerie is located at 5300 Wisconsin Avenue N.W., and right at the Friendship Heights Metro station.