WRS Inc. recently celebrated the official groundbreaking of the Lakeforest Redevelopment, a mixed-use project that will transform the former 102-acre Lakeforest Mall site. The groundbreaking marks the start of a multi-phase construction plan designed to replace 1.1 million square feet of aging retail and parking lots.
The $1.2 billion redevelopment will include 1,600 residential units. National homebuilder NVR will be constructing approximately 600 new residential units ranging across a variety of housing types. A soon-to-be-announced partner will be constructing 600 rental apartment units with WRS, Inc, and Potomac Housing Development will be constructing 250 workforce housing rental apartment units.
The development will also feature more than 470,000 square feet of new retail and commercial space, including initial major tenants such as The Home Depot, Sprouts Farmers Market, and Landmark Theatres. The redevelopment is projected to generate $2.7 million in annual recurring revenue for the City of Gaithersburg and provide an estimated $1.7 billion in annual economic output at full buildout.
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