Gaithersburg, Md. — WRS Inc., a retail and mixed-use development firm based in Charleston, S.C., has broken ground on the $1.2 billion redevelopment of Lakeforest Mall, a 102-acre shopping mall in Gaithersburg that shuttered in 2023.
Situated in the northern arch of the Washington, D.C., suburbs, the multi-phase project will transform 1.1 million square feet of obsolete retail space and parking lots into a walkable “mini-city” that will be master-planned on a grid of walkable streets and public amenities.
“This is more than just a construction project; it is the rebirth of a community anchor,” says Kevin Rogers, principal of WRS. “We are proud to deliver a project that honors the legacy of Lakeforest while looking firmly toward the future of Gaithersburg.”
Hallmarks of the new mixed-use village will include:
- 470,000 square feet of retail space that has been preleased by retailers including The Home Depot, Sprouts Farmers Market and Landmark Theatres
- 600 for-sale homes that will be developed by national homebuilder NVR
- 600 rental apartments to be developed by WRS and a yet-to-be-named multifamily developer
- 250 workforce housing units to be developed by Potomac Housing Development
- 35 acres of green space, including a scenic boardwalk, ponds, plazas and pedestrian and bike paths
- Lakeforest Transit Center, a relocated and upgraded transit center that will be operated by Montgomery County Department of Transportation and will feature multiple routes of the county’s free Ride On Bus Service and the upcoming MD 355 Flash Bus Rapid Transit (BRT) system
Phase I of the redevelopment’s infrastructure, which comprises demolition of the mall, installation of storm drain systems and establishment of road networks on the site, is now underway. WRS plans to begin vertical construction on the first residential and retail blocks of the development shortly after these initiatives are complete.
WRS began purchasing Lakeforest Mall beginning in 2019. In 2022, the firm obtained acquisition and construction financing from PCCP for the mall’s renovation. A year later, WRS successfully rezoned the Lakeforest Mall site for the mixed-use village following a 5-0 vote by the Gaithersburg City Council.
WRS estimates that the development will generate $1.7 billion in annual economic output at full build-out. A full construction timeline was not released.
— John Nelson