The Penrose Group is developing an upscale mixed-use "Town Center" project in one of Washington DC's most affluent suburbs.

Bethesda’s Rock Spring Centre, A Unique Regional Mixed-Use Development

BETHESDA, MARYLAND:  Divaris Real Estate is responsible for the leasing and marketing of Rock Spring Centre, an upscale, mixed-use "Town Center," in the heart of Greater Washington, DC's most affluent suburbs.   The project is being developed by The Penrose Group. 

The target tenant mix for Rock Spring Centre includes all merchandise categories of upscale retailers, top of the market (or best of another market) restaurants, and local retailers with a successful track record in an upscale DC marketplace.

Rock Spring Centre, surrounded by one of the nation's highest density -- and highest income -- population centers, will include 1,200 luxury apartment homes, one million square feet of Class A office space and a 250-room luxury hotel.  But most importantly, Rock Spring Centre will offer more than 300,000 square feet of destination retail and fine dining restaurants. 

The Jerde Architecture Group has designed Rock Spring Centre as a Tuscan-style village with the retail and restaurants set along a pedestrian-oriented, grand boulevard.  Restaurants will overlook a nature preservation area for beautiful vistas during daytime or nighttime dining.

The potential success for any retailer or restaurateur at Rock Spring Centre is so great because of the phenomenal density and the high income levels of the surrounding population.   By 2008, based on observed trends in population and income growth, there will be 594,000 people and 237,000 households within a seven mile radius.   The average annual household income is expected to be $160,700, with a total personal income of $38 billion.  The daytime population of mostly white collar workers will exceed 230,000.

Rock Spring Centre is surrounded by the most affluent Maryland suburbs in the National Capital region, the Montgomery County cities of Bethesda, Potomac, Chevy Chase, Rockville and Kensington.   The elite neighborhoods of upper-northwest Washington D.C. are just minutes away.

The location is easily accessible from anywhere in greater Washington, as it is just off Interstate 270 and the junction with the Capital Beltway (I-495).  Downtown Washington D.C. is minutes away by car or via the Grosvenor/Strathmore Metro Station and local conduits like Old Georgetown Road will bring shoppers to Rock Spring Centre from points across the entire metropolitan area.

In Greater Washington, and in the whole of the United States, this is a rare combination of high population density and high wealth.   Market Insite Group has determined that 85.2 percent of the households within a five-mile radius shop for better retail goods versus a national benchmark of 21.5 percent.  Additionally, it is projected that residents of affluent submarkets outside this seven-mile radius will make up more than 30 percent of Rock Spring Centre’s retail expenditures. 

In comparison to other upscale retail environments in the Washington, D.C. metroplex, the total income for the 35-74 age group at Rock Spring Centre is $30.25 billion, versus $27.54 billion for Tysons Corner, $20.49 billion for Reston Town Center and $25.86 billion for the Wisconsin Avenue corridor.

Penrose Financial Services is one of the leading commercial mortgage banking firms serving the Washington, DC metropolitan area.   For over 20 years, Penrose has been providing real estate developers and owners solutions for their respective commercial financial needs.   During the past five years, Penrose Financial Services has successfully closed over $1 Billion of debt and equity financings from offices in Northern Virginia and suburban Maryland.