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Honoree: Ellsworth Place

The story of Petrie Richardson Ventures’ investment in — and eventual sale of — what is now known as Ellsworth Place traces back decades.

The Silver Spring shopping center’s structure was originally part of a Hecht Department Store, opened in 1947 and closed in the late ’80s. By 1992, the venue had expanded and reopened as City Place Mall, a $60 million, five-story shopping center.

But the mall struggled early to gain traction with tenants.

“We’re getting killed,” City Place developer and current Petrie Richardson Chairman Walt Petrie told The Washington Post in 1994. “We’re having a hell of a time leasing the center. … We’ve got to find a way to clean up the area adjacent to us. We need some help.”

The following decades would bring substantial changes for the mall, including a $4 million renovation in 2003. Petrie — then part of Petrie Ross Ventures — would go on to sell City Place for $22.8 million in 2010, before reacquiring the property for $28 million…

Read the full story from the Washington Business Journal.