PROGRAM SUMMARY

May Program:
TRI-CREW Reception: Retail Development & Re-Development

The program focused on the distinct but different types of retail in the greater Washington, DC area. Each is needed and supports the broad spectrum of shopper's and community needs. Retail developers as one of the most lucrative areas in the country have targeted this area. The good new is Madison Avenue is finally coming to Wisconsin Avenue.

Michele Cornwell of The Chevy Chase Land Company presented the development of The Collection – North and South Buildings located on Wisconsin Avenue between Saks Fifth Avenue and the Chevy Chase Center. Top designer retail – Louis Vuitton, Dior, Max Mara, Ralph Lauren, Barney's, a spa, and several white table cloth restaurants will add to the top retail currently located along Wisconsin Avenue. The growth in the Washington DC area has fueled the need for expanded high end designer shopping and dining.

Anthony Alessi, Development Director for the Westfield Group one of the largest shopping center developers in the world with 126 centers and based in Australia gave an overview of the 3 Westfield Shopping Centers in the area, Montgomery Mall, Wheaton Mall and Annapolis. Westfield is promoting their brand name and all 3 regional malls will be called Westfield Malls. Westfied is noted for the development, design and construction of larger malls with several major department stores as anchors, that are well maintained in solid market areas with high sales returns.

Don Briggs, Vice President of Development, Federal Realty Investment Trust, retail portfolio contains 17 million square feet and over 2,200 retailers. They redevelop existing shopping centers, which are in a well-established area, add amenities, and bring them up to date. They target the local area and market develop a design for each location. Properties FRIT has developed in the local area include, Bethesda Row, Rockville Town Square and most recently the renovation of the center at Shirlington. In developing mixed-use projects, it was recommended a diversity of ownership be established and each major sector, retail, residential and offices all retain separate contractors and consultants but work under the overall direction of FRIT.

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