Renovated Downtown Silver Spring Mall On Track for Fall Grand Reopening
Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today the grand opening of their restaurant tenant Not Your Average Joe’s. The 6,500-square-foot restaurant, the first sit-down dining option to open under the newly branded and renovated Ellsworth Place, will be located at the corner of Fenton and Ellsworth at Ellsworth Place. Not Your Average Joe’s opens at 11:30am on Tuesday, July 12.
“Not Your Average Joe’s indoor-outdoor dining experience really showcases the modern, inviting brand of our newly revamped retail center,” said Terry Richardson, president and COO of PRV. “We think locals and visitors alike will enjoy the fare, the ambiance and the summer-ready outdoor patio.”
Ellsworth Place recently announced the full lease-up of all anchor tenant spaces, which 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.
Recently opened stores include Payless, Foot Locker and MOD Pizza. Additional tenants opening their doors soon at Ellsworth Place include Forever 21 Red, Kung Fu Tea and Rue21.
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.
