Federal Realty Investment Trust to Start Work on Phase II of Pike & Rose
- Nov 20, 2014
Federal Realty Investment Trust announced plans to start work on Phase II of Pike & Rose, a pedestrian-oriented, mixed-use neighborhood in Montgomery County. The company held a ribbon-cutting ceremony on Nov. 18 to celebrate the official grand opening of Phase I and to mark the start of Phase II.
In a news release, the developers said that the ground floor retail included in Phase I of Pike & Rose is already fully committed. They added that Per Sei Apartments, which opened this summer, is more than 75 percent occupied. The luxury apartment community features 174 residences.
Several restaurants also opened in October, as did the iPic Theaters, a high-end movie theater. And more is expected for the coming months. A Sport & Health fitness center is scheduled to open in December, and the AMP by Strathmore, a rooftop music venue, is set to open next spring. Finally, the Pallas, a high-rise residential tower, will open by mid-year 2015, adding 319 units.
According to Federal Realty, Phase II will complement Phase I. It includes more than 30 new stores, 264 high-end apartments, 104 luxury condominiums and even a 177-room hotel. Hilton Worldwide announced last month that the Pike & Rose hotel will be one of the first in the hospitality company’s new brand, Canopy by Hilton. The 10-story hotel will be topped by 11 floors of luxury condos.
Construction of Phase II is scheduled to start next year, with completion expected by 2017. The two phases will add more than 50 tenants in 340,000 square feet of retail space, 80,000 square feet of office space, 861 luxury residences, 2,000 parking spaces and a hotel.
Federal Realty said the two phases represent a total investment of about $500 million. However, they will use less than half of the four-acre site’s development potential. At full build out, Pike & Rose will consist of 1.5 million square feet of commercial space and 1,605 residential units.
“Urban neighborhoods that are authentic at the street level with a vibrant mix of uses and gathering places draw consumers and residents alike,” Don Wood, Federal Realty’s president & CEO, said in a statement. “We are pleased that the residential and retail demand for our first phase has set the table for the continuation of this exciting new main street.”
Photo credit: www.pikeandrose.com