Chevy Chase Center Retail Leasing
Area Potential Summary

The redevelopment of Chevy Chase Center into a 412,000 square foot mixed-use project is the result of a seven-year entitlement effort. This entitlement process includes the amendment of the Friendship Heights Sector Plan for the central business district of Chevy Chase/Friendship Heights. In essence, Montgomery County approved the expansion within this area’s commercial corridor to include the following projects (including one previously approved project):

• Chevy Chase Center: Redevelopment of this 98,000 square foot center to include a total of 412,000 square feet with 112,000 square feet of commercial space located in low rise buildings on Wisconsin Avenue, 54,000 square foot of neighborhood retail and 260,000 square feet in office/retail.
  
• New England Development: Redevelopment of this 176,188 square foot department store into a 1,050,000 square feet mixed-use project including 450,000 square feet of office, 300,000 square feet of retail, 40,000 square feet below grade for a grocery store and 275 multi-family units.
  
• GEICO Headquarters Site: This national insurance company can re-develop its existing 514,257 square feet facility into 810,000 square feet of office space and 500 residential units.
  
• Chase Tower: The development of 226,252 square feet of office space and 23,645 of retail space. This project was completed in 2002 and is fully leased.

Montgomery County will not further amend the Sector Plan for this area for approximately 20 years, so the potential commercial development in this highly desirable location is clearly defined for the foreseeable future.

• There is only one prime commercial site with Wisconsin Avenue frontage available in the Washington, D.C. portion of this retail corridor. This site is owned by the Washington Metropolitan Area Transit Authority, which has recently made this existing maintenance facility available through its joint development program.

• Recent developments on the Washington side of the Chevy Chase corridor include the re-development of Mazza Gallerie (see Retail Information section) and a low-rise building across from Mazza with Eddie Bauer, Borders, Maggianos and Linens 'n Things.