Mazza Gallerie will be redeveloped as apartments

Developer Tishman Speyer has acquired Mazza Gallerie, the largely empty shopping center in D.C.’s Friendship Heights, and will redevelop it as apartments, though it appears it will retain a large retail portion as well.

Tishman Speyer issued a brief statement Tuesday saying it will build new rental housing while retaining substantial retail space and a large parking garage underground.

It offered no other details on the project, including what it paid for the property. The developer said specifics will be released at a later date.

Eagle Bank has confirmed it provided $26 million in financing to Tishman Speyer for the acquisition, and that the project will include 350 multifamily units and 26,000 square feet of ground-floor retail.

Lenders took possession of the property at 5300 Wisconsin Ave. NW at a foreclosure auction in August 2020 after its owner defaulted on loans. The resale to New York-based Tishman Speyer passes the property on to a developer with several other D.C. area projects in its portfolio, including Crossing DC Residences in Navy Yard and 2050 M Street.

In referring to the Mazza Gallerie location, Tishman Speyer regional director Jeff Chod said, “This project, on a gateway site into the nation’s capital … represents an opportunity to help meet the strong local need for high quality housing, while retaining a retail element that embraces the neighborhood.”

Mazza Gallerie, built in 1979, was once a bustling retail and dining destination, but has lost many of its large tenants in recent years. Neiman Marcus closed last year. The seven-screen AMC Mazza Gallerie movie theater closed earlier this year. Williams Sonoma and Pottery Barn area among other retailers that have left Mazza Gallerie in recent years.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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