BETHESDA, MD. — The Peterson Cos. and DRI Development Services have formed a joint venture to develop the $320 million Rock Spring Centre, a 1 million-square-foot, mixed-use development in Bethesda.
Upon full completion, the project will include 210,000 square feet of retail and restaurants, 550,000 square feet of Class A office space, 90,000 square feet of entertainment uses including a multi-screen movie theater, a 200-room hotel and 161 residential units. The Montgomery County Planning Board approved the site plan on Feb. 17, 2011, and ground breaking is slated to occur later this year. Completion is scheduled for spring 2014.
Under the joint venture, Peterson will lead development of the retail and entertainment components of the project, and DRI will lead the office, hotel and residential developments. Brokers Bill Miller and Alex Walker of the Washington, D.C., office of Transwestern have been retained to lease the retail and restaurant portion of the project.
“We partnered with The Peterson Cos. because of their track record of success in developing some of the region’s finest retail and entertainment-driven mixed-use projects,” said Christian Spitz, president of DRI Development Services, in a prepared statement.
Rock Spring Centre is located on a 54-acre parcel owned by the Camalier/Davis family. It is adjacent to the 5.25 million-square-foot Rock Spring Park, an office property that includes the global headquarters for Lockheed Martin and the corporate headquarters for Marriott and Coventry Health Care.
“This is arguably one of the best mixed-use development opportunities in the country, offering unparalleled location and superior demographics,” said Steven Peterson, president of The Peterson Cos., in a prepared statement. “It’s exactly the type of project that we excel at creating.”
— Savannah Duncan