The owner of
Pike Center at 12137 Rockville Pike gave an overview of the plan to redevelop the shopping center with 760 apartments with ground floor retail last night, but stressed that this is the company's vision for the future, and predicted no demolition or construction would begin until five to seven years from now. Real estate investment trust Kimco Realty of Jericho, New York was founded in 1958, but only acquired Pike Center at the end of 2021, when it obtained the previous owner's portfolio of properties. Greg Reed, VP of Development for Kimco, said the company has new dining tenants in the works for the short term, and already holds a permit for 15,000-square-feet of fit-out construction related to those from Montgomery County. That includes Luna Hall, which will be a multi-tenant food hall, and celebrity chef Jose Garces' Buena Onda Baja Taqueria.
Kimco representatives emphasized that the company holds its properties for the long-term, and doesn't redevelop them to flip in a sale. That's one reason that the residential buildings constructed in the future are expected to be apartments, not condos, as Kimco wants to retain control as sole owner. Last night's meeting was not required, as the company is not filing immediate plans with Montgomery County. When each phase of the redevelopment moves forward in the future, community meetings will be held for public input.
The Phase 1 building, which is likely to be the one on the south end of the property along Bou Avenue, is expected to be anchored by a grocery tenant. Interior streets, sidepaths along the exterior property lines, and a half-acre park would be constructed. 15% of the apartments would be Moderately-Priced Dwelling Units (MPDUs), the minimum affordable housing required by Montgomery County. The site is in unincorporated Rockville, and is within a half-mile of the Twinbrook Metro station.
One concern expressed at last night's meeting was the fate of the current Shell station. A member of the family who owns the gas station asked what will happen when the Phase 2 building - which currently includes the Shell site - is constructed. Kimco expects to allow tenants at the center who hold leases up to nine years to run those out. The Shell owner asked if the gas station could be part of the new development, and was told that nothing is set in stone yet about the future plans.
Renderings courtesy Kimco Realty