Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today that MetroPCS has signed a long-term lease. The national retailer will be joining Not Your Average Joe’s, Forever 21 Red and TD Bank on Level 3.
MetroPCS is the flagship prepaid brand of T-Mobile US, Inc., and a leading provider of unlimited data, talk, and text plans with taxes and regulatory fees included – there are no surprises, period. MetroPCS offers the freedom and convenience of an affordable, no-contract wireless service, riding on the 4G LTE T-Mobile network.
“MetroPCS will provide our shoppers incredible options for cell phones, data plans and more,” said Terry Richardson, president and COO of PRV. “In combination with each of the restaurants, stores and services provided at Ellsworth Place, the addition of MetroPCS adds just another component to the mall as a one-stop destination for all of your needs.”
MetroPCS will be opening their doors in early 2018.
Current anchor tenants at Ellsworth Place include Burlington Coat Factory, Marshalls, Michaels, Ross and T.J.Maxx. Recently opened stores include Dave & Buster’s, Guitar Center and Auntie Anne’s Pretzels.
Over the next 20 years, Ellsworth Place is projected to generate approximately $38.4 million in tax revenues for Montgomery County and to support 807 permanent FTE jobs in the County. 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, 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. For more information, visit 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.
