According to a story in the Washington Post Business Section, two different developers have purchased property in the Rhode Island Place shopping center. While the shopping center is probably best known for the Home Depot, it is a separate entity and was not involved in any purchases. Once parcel of land purchased is called the Brentwood Shopping Center, and currently contains the TJ Maxx, Foot Locker, Radio Shack and CitiBank and equals 57,529 square feet of retail space. I wouldn’t get too excited about it being transformed into something new soon though, as an earlier WaPo article about the property noted that the spaces are fully leased and those leases would have to expire or be renegotiated to even begin something new. Another developer purchased the property that contains the Giant supermarket. Again, it appears that the developer isn’t looking to make major changes there soon either. Personally, I avoid shopping the Giant as much as possible. So, while this news may be kind of a nothingburger, it was still interesting for me to learn that 1) the retail properties are broken out this way 2) investors are interested in RIA even if it is long-term. I am guessing that the level of success of the Rhode Island Row development may dictate how quickly these other developers move on making changes. Quite frankly, what is really needed is an overhaul of the whole retail and parking layout. For a location directly on the Metro, it is not pedestrian friendly at all, not to mention the vast, impervious waste of space that is the parking lot. We will keep our eyes on things and keep you updated.
(Hat Tip: Friends of Rhode Island/FoRIA)