The 11,000-square-foot building that will remain during construction of the Pike & Rose project will include an outdoor seating area and a new, unannounced tenant.
Rockville-based Federal Realty announced the building near the corner of Old Georgetown Road and Rockville Pike that contains a Starbucks and Bank of America will remain open during an extensive upgrade.
Construction is set to start in January and be complete in mid-2014. The retail center, the only part of the Mid-Pike Plaza that won’t be redeveloped, will keep its current tenants: Starbucks, VisionWorks, Bank of America and DryClean Direct. The Chipotle location in the main Mid-Pike Plaza building will move to the renovated retail center.
Federal Realty also announced it has a letter of intent with a new retailer to take over a 1,000 square-foot space the developer is adding to the building.
“Given the retail center’s presence near the entrance of Pike & Rose, we believed it was important to invest in this improvement and enhancement package so the project better meshes with and complements the pedestrian-oriented environment we are creating within the TOD,” Federal Realty Chief Operating Officer Robin McBride, Vice President-Mid-Atlantic Region said in a prepared release. “The finished product will match the high-standards we are incorporating into every detail of Pike & Rose.”
The Rockville-based developer will put $3 million into renovations for the pad site, according to Federal Realty Development Vice President Evan Goldman, who said some of the tenants have seven more years in their leases.
The standalone building was originally planned to be part of the developer’s mixed-use redevelopment. The Planning Board approved the renovations and change earlier this month.
Rendering via Federal Realty/Friends of White Flint