WRS Inc., a real estate investment firm based out of South Carolina, that purchased Lakeforest Mall and all four anchor sites, will present their latest plan for Lakeforest Mall on Wednesday, January 4 at 1pm at Asbury Methodist Village (409 Russell Avenue) in Gaithersburg. According to the Village News, “Guests should enter via the Gatehouse at 301 Odendhal Avenue and continue straight. The Rosborough Cultural Arts & Wellness Center is on the right (building 409) with parking across the street. Additionally, the City of Gaithersburg Joint Planning Commission/Mayor and City Council Hearing on the plan is scheduled for 7:30 p.m. on Tuesday, Jan. 17, 2023 at at City Hall, 31 S. Summit Avenue, Gaithersburg, MD 20877.”
WRS held a similar informational meeting on October 20 at the mall. WRS purchased the core, ponds, and forest conservation of the mall back in 2019 and added the four anchor sites earlier this year, spending a total of $75 million to acquire Lakeforest Mall. This evening they announced that they have worked with the City of Gaithersburg since March and plan to submit their zoning application and sketch plan in the next couple weeks. The target date for demolition of the mall and the start of new construction is currently 2024, with a more specific date to come after the approval of sketch plans. The sketch plan requires at least 35% “green space” and WRS stated that initial sketches are currently at a little more than 35%. Green space is defined as trees, grass, walking/biking areas, etc.
