The most recent move is Federal Realty Investment Trust’s purchase of an 89.9 percent stake in Montrose Crossing, a 357,000-square-foot outdoor shopping center whose shops include Giant Food, Old Navy, Marshalls and Sports Authority.
The deal, announced Monday, cost Federal Realty $127 million. What it gives the Rockville developer is an even larger stake in White Flint, where it already plans to remake the Mid-Pike Plaza Shopping Center into Pike & Rose, a mixed-use development with apartments and a luxury iPic movie theater serving as the main attraction. Federal Realty now controls 1.2 million square feet of retail on Rockville Pike within a mile of Montrose Crossing, which will mean far more square footage down the road as White Flint urbanizes.
Federal isn’t the only one moving quickly on White Flint. The JBG Cos. and MacFarlane Partners plan a striking 345-unit apartment building and a movie theater across from White Flint Mall. And even the owners of the mall (where Bloomingdale’s will close this spring) have proposed eventually tearing the mall apart and building an outdoor town center, though that’s a long-term vision.
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