22 May Updates: North Bethesda Boom; Rock Spring; Western Workaround
Development plans are in motion on several fronts as North Bethesda is undergoing a major overhaul to its residential locales, roadways, and brand new retail space. Building on the momentum from the much-anticipated condo development by Federal Realty, which also includes an LL Bean flagship store and luxury bowling alley, North Bethesda is poised to be a hot spot for many in the region. The market is already beginning to see a trend of tenants heading north with the anticipation that businesses, savvy about this economic opportunity, will migrate to the area as well.
The first phase of the “Western Workaround” is underway with plans to put in a new road (Market Street) and six-story parking garage. The Rock Spring Master Plan is under review for approval, which encompasses the 535-acres over Rock Spring Office Park and Westfield Montgomery Mall. If approved, the plan would allow for construction of 1.1 million square feet of commercial space and almost 2300 new homes, yielding significant job growth and robust activity that is presently seeing a rise in vacancies. To read our report, click here.