Bethesda-based EagleBank is touting its financing of the redevelopment of Mazza Gallerie by posting a large banner on the dead mall in Friendship Heights. EagleBank is providing $26 million to the mall's new owner, Tishman Speyer, to demolish the once-bustling, glitzy shopping destination and construct a mixed-use development in its place.
350 apartments and 26000 square feet of retail space will be included in the new development under the current proposal. “This transaction underscores EagleBank’s commitment to invest in our community,” EagleBank Senior Vice-President Barb Mackin said in a statement. “We’re thrilled to work with Tishman Speyer to finance such a unique and promising property.”
5 comments:
They keep building apartments while closing all the stores. No one wants to live near an amazon grocery store with prepackaged Starbucks food.
Need to bring in shopping and grocery stores
We need restaurants, shops and rental apartments to bring in young people to liven up this area...and keep it alive. Too many buildings filled with older people (me included).
2:41: We could also really use some more high-wage jobs to attract young professionals who can fill the restaurants at lunch, happy hour and dinner time. Montgomery County has an abysmal job creation record over the last decade compared to Northern Virginia.
Right on target, Bob. The FH area and esp. FH Village on the MD side, caters to seniors who either have limited incomes and mobility or who spend half their time (and money) in Florida and other places, As for employers, we are becoming a one-industry neighborhood ... medical services and nothing else. Again, convenient for seniors like me, but not conducive to an interesting, lively, diverse community.
Mixed used redevelopment is urgently needed and should be welcome in the FH area. Vibrant communities need multi-generational residents, a variety of employers (not just health care services), residents who are out and about after 5 or 6 PM at night.
The DC government is at least reasonably attentive to issues of housing and transportation. Its plans call for redevelopment of neighborhoods where public transportation is already available. MoCo is way behind, not because the Planning department lacks the necessary expertise but because of the disproportionate political influence of affluent single-family home subdivisions and of senior residents opposed to change.
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