Pike & Rose firms up first phase of retail, turns eye to second phase

By Rebecca Cooper

Featured in Washington Business Journal

With the signing of both a Sport & Health Club and a City Sports store, Federal Realty Investment Trust has leases or letter of intent for almost 90 percent of the retail space in the first phase of Pike and Rose, a mixed-use development on Rockville Pike slated to open next year.

That means it’s time to focus on the second phase, according to Evan Goldman, vice president of development with Federal Realty.

Sport & Health will help anchor the office building at Pike & Rose that will also be home to an IPic movie theater and an intimate music venue run by Strathmore. The two-level Sport & Health will include a two-story atrium and a second-level outdoor workout area.

Phase II includes a redevelopment of the Mid-Pike Plaza shopping center to build five new buildings, including approximately 200,000 square feet of retail space. The company has been in talks with a number of retailers for the project, including several large fashion retailers that could utilize 20-30,000 square feet of space.

Initially, Federal didn’t prescribe whether Phase II would be retail or entertainment heavy, Goldman told me earlier this year.

“But once we saw what the interest is with the fashion retailers, we started looking for the right mix,” Goldman said. The company is currently in talks to put together a group of 5-10 complementary fashion retailers who would want to lease space, though Goldman wouldn’t reveal who they’re talking with.

The next portion of the development also includes a boutique hotel, the operator of which should be finalized soon, Goldman said.

In Phase I, which will deliver in mid- and late 2014, Federal Realty hopes the Sport & Health and City Sports will contribute to the active culture of those living and working at Pike & Rose.

Several restaurants have signed on to Pike & Rose, including the health-conscious Protein Bar, which was finalized along with five other leases last month.

“We are thrilled to be part of a community that stresses an active lifestyle because it aligns perfectly with our customer base and our mission to serve the urban athlete,” Edward Albertian, CEO of City Sports, said in a statement. “We look forward to developing synergies with companies like Sport & Health and Protein Bar, to offer Pike & Rose residents and guests the best possible combination of healthy and active opportunities.”