Silver Spring’s Ellsworth Place Lands Anchor Tenants
- Jun 13, 2016
Silver Spring, Md.—Rockwood Capital and Petrie Richardson Ventures (PRV) have announced that all anchor tenant space has been leased at Silver Spring’s Ellsworth Place. The retail center is now home to anchor tenants Burlington Coat Factory, Guitar Center, Marshalls, Michaels, Ross, T.J. Maxx and Dave & Buster’s. A grand reopening of the former City Place Mall is scheduled for the fall of 2016.
Ellsworth Place will house Guitar Center’s fourth D.C. area store, set to open in the spring of 2017. The store will be located on Level Four and include 14,500 square feet of retail space. The new Guitar Center location will benefit from the shopping center’s proximity to one of the region’s largest music venues—The Fillmore Silver Spring—located right across the street.
“We are very excited that within the four years of ownership and redevelopment of the property, we have 100 percent leased the anchor tenant spaces at Ellsworth Place,” Terry Richardson, president & COO of PRV, said in a prepared statement. “Our retail center and the entire downtown Silver Spring area have been in the midst of a cultural evolution, now more rapidly morphing into a vibrant urban center frequented by local residents and visitors from across the Greater Washington Region. With our anchors in place, we are on track for a grand reopening before the holidays.”
The 350,000-square-foot Ellsworth Place is expected to generate roughly $38.4 million in tax revenues over the next two decades. The center will create approximately 807 permanent jobs and 253 temporary jobs during the renovation phase. Ellsworth Place is also projected to generate $175 million in state tax revenues.
PRV and Rockwood Capital purchased the former City Place Mall back in 2012 and invested in extensive renovation work at the site, including improvements to the common areas.
Image courtesy of Ellsworth Place