Four New Stores Open At Ellsowrth Place In Silver Spring

11/22/17

Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today that Phenix Salon Suites, Bump ‘n Grind, TG Jewelers and Twin Fashions will soon open.

Founded in 2007, in Colorado Springs, CO, the Phenix Salon Suites franchise subleases spaces to local salon and beauty professionals, such as nail technicians, physiotherapists, massage therapists and hairdressers. Each suite is independently managed by the salon and/or beauty professional, providing the professional with low overhead costs and the local community with diverse beauty options within one environment. Opening on Level One, Phenix Salon Suites will be joined by Bump ‘n Grind, an up-tempo cafe and record store serving barista drinks and baked goods in a contemporary lounge space.

Twin Fashions has locations throughout the region, and the new store on Level 4 of Ellsworth Place will be the closest to Washington, DC. Also on Level 4, TG Jewelers will offer elegant diamonds and precious stones, as well as unique gold and silver ring collections, necklaces, bracelets, watches and earrings at affordable prices.

“Each of these new retailers is a welcome addition to our eclectic lineup of retailers,” said Terry Richardson, president and COO of PRV. “With the holiday season coming up, we’ve positioned Ellsworth Place to be a one-stop shop for all of our shoppers’ needs—which includes beauty and relaxation, as well as a cool place to unwind.”

Current anchor tenants at Ellsworth Place include Burlington, Marshalls, Michaels, Ross and T.J.Maxx. Recently opened stores include Guitar Center, Dave & Buster’s, Auntie Anne’s,and MetroPCS.

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, 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

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