FAIRFAX, Va., February 21, 2012 – The Peterson Companies (www.petersoncos.com) announced today a joint venture with DRI Development Services, LLC (www.dridevelopment.com) to develop Rock Spring Centre, a $320 million, one million square foot mixed-use town center development in Bethesda, Maryland. Peterson will be the lead developer for the retail and entertainment components of the project and DRI will be the lead developer for the office, hotel and residential.
“This is arguably one of the best mixed-use development opportunities in the country – offering unparalleled location and superior demographics. It’s exactly the type of project that we excel at creating,” said Steven Peterson, president of The Peterson Companies.
Rock Spring Centre is a mixed-use, high-density “smart growth” development that, at completion, will feature approximately 210,000 square feet of upscale retail and restaurants, 550,000 square feet of class A office, 90,000 square feet of entertainment uses including a state of the art multi-screen movie theater, a 200 key hotel, and 161 residential units. Wide sidewalks, pedestrian friendly streets, and plentiful outdoor seating options will offer discerning customers an inviting sense of place. The project received site plan approval from the Montgomery County Planning Board on February 17, 2011. Groundbreaking is anticipated later this year and the project is slated to open in Spring 2014.
“We partnered with The Peterson Companies because of their track record of success in developing some of the regions finest retail and entertainment driven mixed-use projects,” said Christian J. Spitz, president, DRI Development Services, LLC.
The Rock Spring site is a 54 acre parcel of land owned by the Camalier/Davis Family. It is bounded by Old Georgetown Road to the east, Rock Spring Drive to the south, Rockledge Drive to the west and the I-270 spur to the north and adjacent to Rock Spring Park, a 5.25 million square foot office park boasting the global headquarters for Lockheed Martin and the corporate headquarters for Marriott and Coventry Health Care.
“This community has been waiting for a project of this magnitude and quality for quite some time and we are excited to see this project move forward,” said Steve Silverman, director, Montgomery County Department of Economic Development.
Bill Miller and Alex Walker from Transwestern Retail have led the retail leasing effort for Rock Spring Centre and report enthusiastic retail and restaurant response to the project. They will continue to collaborate with The Peterson Companies on all deals currently in process.
About The Peterson Companies
The Peterson Companies is one of the largest privately-owned real estate development companies in the Washington, DC region. Founded by Milt Peterson over 30 years ago, the company has created some of the most prominent and successful mixed-use, residential and office developments in Northern Virginia and Maryland including Virginia Gateway, National Harbor, Downtown Silver Spring, Washingtonian Center, Fairfax Corner, Fair Lakes, Burke Centre and Tysons McLean Office Park. The Peterson Companies offer a fully integrated real estate platform with in-house expertise on all aspects of land-use and development including land acquisition, planning and zoning, design and construction, property management, leasing and asset management. The company has an extensive pipeline including 2,000+ acres of land throughout the region that could ultimately yield over 6,000,000 square feet of office/industrial, 4,500,000 square feet of retail, and 7,000 residential units. For more information about the company please visit www.petersoncos.com
About DRI Development Services
DRI Development Services, LLC is a commercial real estate development company providing a complete range of services including real estate development, site evaluation, construction management and asset management. Founded in 1964 as a residential development company in Alexandria, VA, DRI shifted its focus in the early 1980s to commercial and mixed-use properties, concentrating its efforts in urban environments. Since that time, DRI has emerged as a prominent commercial developer and the leading build-to-suit developer in the Washington, DC metropolitan area. Now an independently operated, wholly owned subsidiary of Transwestern, DRI’s goals are to deliver high quality projects to suit the needs of the user while providing a level of service unmatched by its competitors.