Washington, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, a three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. RBC Capital Markets provided the financing.
Upon completion, the property will feature 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse, which will be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels.
Demolition of the existing structure is underway, and completion of the residential portion and the first retail openings are anticipated for 2025. The project team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).