Gaithersburg, Md. — WRS Real Estate Investments has successfully rezoned a 100-acre site in Gaithersburg that houses Lakeforest Mall. The Gaithersburg City Council approved the rezoning of the site for mixed-use as well as a sketch plan of the future development.
WRS purchased the core of the 1.1 million-square-foot regional mall in 2019. In 2022, the developer purchased the mall’s remaining department stores: J.C. Penney, Lord & Taylor, Sears and Macy’s. Upon completion, the mixed-use village will comprise up to 1.25 million square feet of retail, restaurant, dining, hospitality and life sciences space, as well as 1,600 residential units. Gensler has been engaged to lead the creation of overall design guidelines for the project. Construction is scheduled to begin as early as 2024.