Industries Banking/Finance

The Peterson Cos. and DRI Development Services announce plans for a $320 million project

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The Peterson Cos., a prominent Northern Virginia developer, announced a joint venture Wednesday with DRI Development Services LLC to develop Rock Spring Centre, a $320 million, mixed-use town center in Bethesda, Md.

Peterson, located in Fairfax, said it will be the lead developer for the retail and entertainment components.  DRI, an Arlington-based subsidiary of Transwestern Commercial Services, will serve as lead developer for office, hotel and residential development. 

“This is arguably one of the best mixed-use development opportunities in the country – offering unparalleled location and superior demographics.  It’s exactly the type of project that we excel at creating,” Steven Peterson, president of The Peterson Cos., said in a news release.

Rock Spring Centre will be a 1 million-square-foot, high-density “smart growth” development.  At completion, it would offer 210,000 square feet of retail and restaurants, 550,000 square feet of class A office, 90,000 square feet of entertainment uses including a multi-screen movie theater, a 200-unit hotel and 161 residential units.

The project received site plan approval from the Montgomery County Planning Board on Feb. 17.  A groundbreaking is anticipated later this year, and the project is slated to open in spring 2014.

“We partnered with The Peterson Cos. because of their track record of success in developing some of the region’s finest retail and entertainment driven mixed-use projects,” Christian J. Spitz, president, DRI Development Services LLC said in a statement.

The Peterson Cos., which is financing the project, has developed many signature projects in the Washington, D.C., metro area including Fairfax Corner, the Burke Centre, Tysons McLean Office Park and more recently, National Harbor, a massive, 300-acre, mixed-use development on the banks of the Potomac River in Oxen Hill, Md.

The Rock Spring site in Montgomery County is located on 54 acres of land owned by the Camalier/Davis Family.  It is bounded by Old Georgetown Road to the east, Rock Spring Drive to the south, Rockledge Drive to the west and the I-270 spur to the north. It’s also adjacent to Rock Spring Park, a 5-million-square-foot office park that is the global headquarters for Lockheed Martin and the corporate headquarters for Marriott and Coventry Health Care.

 


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