A $6.6 million investment was approved to fund the renovation of the Gaithersburg Square shopping center at 524 North Frederick Avenue, according to a City of Gaithersburg press release.
During a Gaithersburg Planning Commission meeting on Oct. 7, Federal Realty Investment Trust (FRIT) proposed significant property improvements, including a new plaza area featuring outdoor dining, gathering and amenity space, and an outdoor fireplace.
This proposal was unanimously approved by the commission. The project is expected to begin in 2021, according to the press release. The re-envisioned streetscape is designed to transform the customer experience, and new storefront facades, signs and lighting will upgrade the center’s curb appeal. The project also includes new integrated curbside pick-up options and will feature art installations throughout the property.
“The proposed investments at Gaithersburg Square reflect Federal Realty’s confidence in the City of Gaithersburg as a place to do business,” Mayor Jud Ashman said in a statement. “While this level of investment would be recognized and appreciated even in ordinary times, FRIT’s commitment to Gaithersburg Square in the middle of a global pandemic makes this project all the more extraordinary. The City would like to thank and recognize FRIT for its efforts, and we look forward to celebrating the project’s completion in the not too distant future.”
Federal Realty Director of Asset Management Kari Glinski said in a statement that the company is choosing to reinvest in Gaithersburg because it is a thriving and diverse community.
“We want to create a place that provides residents and office workers with a central community core and destination to gather,” Glinski said.
Built in 1965, Gaithersburg Square is one of the oldest shopping centers in Gaithersburg. It has undergone renovation several times in the past 55 years.
— Grow Gaithersburg (@GrowGburg) October 29, 2020