National Retailer Opened 34th DC Region Store on Saturday

Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today that their tenant Ross Dress for Less celebrated their grand opening this past Saturday. The national retailer is officially open for business in their new 25,000-square-foot space on Level Four of Ellsworth Place.

“Ross Dress for Less really rounds out the fashion merchandising experience at Ellsworth Place as they join tenants Marshalls and T.J.Maxx,” said Terry Richardson, president and COO of PRV. “What we’ve found is that shoppers throughout the region seek out diverse, affordable fashion options. We’re excited to fill the need, especially as we near back-to-school season and our grand reopening.”

Photo courtesy: Ira Wexler Photography

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 Not Your Average Joe’s restaurant, 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.