As 2023 winds down, we wanted to share with you some of the most-read articles of 2023. This article was originally published on October 4, 2023.
As recently as this past May, Unibail-Rodamco-Westfield (URW) maintained its deleveraging progress with U.S. asset sales with the sale of Westfield Brandon Shopping Center (located in Brandon, Florida) in the US for $220 million. It was reported in 2021 that Unibail-Rodamco-Westfield (URW) planned to sell all of it’s US holdings in 2022. Last year, then-Chief Executive Jean-Marie Tritant told investors that Unibail wants to shed most of its U.S. properties by the end of 2023, which pushed things back about a year, but things appear to have changed according to a report by the Wall Street Journal.
“Unibail is also investing in its top properties.” the report stated. “Unibail is also moving forward with development projects at properties in Illinois, northern New Jersey and Bethesda, Md., including adding apartments and open-air retail and restaurants.” According to development information posted by Westfield, this will include “reimagining the Westfield Montgomery experience by creating a mid-rise multi-family and amenity-rich community with architecture that reflects the seasonal, wooded quality of the community, combined with a modern, urbane feel. And all within easy walking distance from everything you enjoy.” This will include:
- New family areas and parks will create the ultimate destination for grandparents, parents and children featuring a wide range of activities for everyone.
- Open-air pedestrian promenades lined with shops and cafes will seamlessly connect various old and new areas of the mall.
- Connected walkways will enable visitors and residents to stroll and enjoy the outdoors.
According to Westfield, the mixed-use town center will bring world-class entertainment, chef-driven restaurants, innovative retail experiences and amenity-rich destinations to our neighborhood, combining the best in living, shopping, dining, fitness and entertainment, according to Westfield. With a wide variety of amenities within walking distance, Westfield Montgomery residents will be able to leave their cars at home. Green elements abound, from trees and landscaping to artistic elements that use greenery mixed with other media to create installations that change with the seasons (renderings available below).
Montgomery Mall and Wheaton Mall (Westfield Montgomery and Westfield Wheaton), both located in Montgomery County, are owned by URW. Specific plans about the future of Wheaton Mall was not mentioned in the article or available via the Westfield website.
