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Readying Rockville Pike for Renewal
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Hanson said he would rather finance roads and other improvements through county bond sales than have developers pay for them upfront and then recover their investment by charging residents.
There are other financial concerns. Many developers say they are worried about a proposal spearheaded by Hanson to compel them to pay more for development rights in exchange for greater density. Hanson said the long-term benefits to the land owner are substantial, but developers are skeptical.
"Our economic models will quickly break down," said Briggs, of Federal Realty Investment Trust, which helped spur redevelopment in Bethesda and played a key role in Rockville Town Center. The company wants to redevelop its Mid Pike Plaza, which has a Toys R Us and several other stores and is awaiting the White Flint plan.
Floreen, who formerly served on the Planning Board, said there might be a way to reduce the amount of parking developers are required to provide if they are willing to pay more for greater density.
Rita Bamberger of the Holladay Corp., which has approval for an office, residential and retail development near Old Georgetown Road and the pike across from the aging Mid Pike Plaza shopping center, is keeping an eye on the county's efforts. "It's probably a good time to plan," Bamberger said. "It may not be a good time to put a shovel in the ground."
Like many other developers, Bamberger says the pike could end up looking like it does now if there is no financial incentive to redevelop. But she also cited a maxim among developers: Think big thoughts, and make no little plans.
Tomorrow: A look at how the White Flint area could be transformed.
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