Guitar Center Takes Final Anchor Slot in Ellsworth Place
SILVER SPRING, Md. (June 9, 2016) – Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today full lease-up of all anchor tenant spaces in the fully renovated Ellsworth Place (formerly City Place Mall). Anchor tenants include Burlington Coat Factory, Dave & Buster’s, Guitar Center, Marshalls, Michaels, Ross and T.J.Maxx. The grand reopening of Ellsworth Place is planned for mid to late Fall 2016.
“We are very excited that within the four years of ownership and redevelopment of the property, we have 100% leased the anchor tenant spaces at Ellsworth Place,” said Terry Richardson, president and COO of PRV. “Our retail center and the entire downtown Silver Spring area have been in the midst of a cultural evolution, now more rapidly morphing into a vibrant urban center frequented by local residents and visitors from across the Greater Washington Region. With our anchors in place, we are on track for a grand reopening before the holidays.”
Guitar Center was the final anchor space leased earlier this month at 14,500 square feet on Level Four. This will be Guitar Center’s fourth store in the D.C. area, now set to open Spring 2017. This addition to Ellsworth will add to the vibrant music scene in downtown Silver Spring, with one of the region’s largest music venues, The Fillmore Silver Spring, located across the street from Ellsworth Place.
Ellsworth Place is projected to generate approximately $38.4 million in tax revenues over the next 20 years. There will also be approximately 807 permanent FTE jobs in the County, and during the construction phase, the renovation is projected to generate 253 temporary jobs. On a statewide level, Ellsworth Place is projected to generate $175 million in state tax revenues and support 881 permanent jobs, inclusive of those in Montgomery County.
About Ellsworth Place
Ellsworth Place is a 350,000-square-foot retail center located in the heart of the award-winning revitalized Silver Spring, Md., and anchored by Burlington Coat Factory, Dave & Buster’s, Guitar Center, Marshalls, Michaels, Ross and T.J.Maxx. Petrie Richardson Ventures acquired ownership and management of the former City Place Mall in 2012 in a joint venture with Rockwood Capital, and invested in extensive renovations of both the exterior and interior, including improvements to access, common areas, existing tenants and new tenants within a refreshed industrial chic interior architecture. www.ellsworthplace.com.
About Petrie Richardson Ventures
Petrie Richardson Ventures (PRV) is a retail developer in the Mid-Atlantic Region with a national reputation for creating successful retail centers and exciting mixed-use properties. PRV currently owns and operates Ellsworth Place in Silver Spring, Md., and Woodmore Towne Center in Glenarden, Md.. For more information, visit www.petrierichardson.com.
About Rockwood Capital
Rockwood Capital is a real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA and Seoul, Korea. Rockwood provides debt and equity capital for core, core-plus, value-add and special situation real estate investment opportunities. Rockwood Capital manages $8.6 billion in real estate on behalf of over 100 public and private pension plans; endowments; foundations; insurance companies, and high net-worth families and individuals. For more information, visit www.rockwoodcap.com.