Tishman Speyer has obtained $150 million in construction financing from RBC Capital Markets for its planned redevelopment of Washington, D.C.’s Mazza Gallerie as a mixed-used residential property.
The once-bustling, abandoned late-1970s-era shopping mall, featuring 300,000 square feet of retail space, is situated in the Friendship Heights in the city’s northwest quadrant.
Tishman Speyer will maintain the existing below-grade concourse retail and parking structure at the property and replace the three-story above-grade structure with a new seven-story mixed-use building with an undulating masonry façade. The development will feature 320 rental apartments. This structure will be set atop a new glass-enclosed retail podium, featuring 90,000 square feet of retail space. Work is underway to raze the existing structure. Completion of the residences and first retail phase is slated for 2025.
Maximizing placemaking
The unit mix will offer a range of layouts, from studios to three-bedroom apartments. One-eighth of the rental apartments will be designated affordable. Also included will be two-story townhouses and premier penthouses with private terrace space. Common-area amenities will include substantial co-working spaces featuring private conference facilities.
Some 20,000 square feet of new ground floor retail will optimize placemaking along Wisconsin Avenue and attract high-quality brands to this location at the border of D.C. and Maryland. Boutique stores, premium neighborhood services and an array of fast casual and full-service food and beverage offerings will be targeted for this space.
Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse, which caters to large-format users and will again be anchored by discount retailer TJ Maxx. Four below-grade levels will feature more than 800 parking spots. The reinvented Mazza Gallerie will continue to be situated above the Friendship Heights Metro Station. Three months ago, Tishman Speyer broke ground on the first phase of a multifamily development in Southern California.
