Event: "It's Wisconsin Avenue"
Date: November 29, 2011
Location: Bethesda North Marriott Hotel & Conference Center
Hosted by: NAIOP Commercial Real Estate Development Association, Maryland/DC Chapter
Speakers: Phil McCarthy, Senior Vice President, Transwestern (moderator); Don Briggs, Senior Vice President, Federal Realty Investment Trust; Bryant Foulger, Principal, Foulger-Pratt; Bill Hard, Executive Vice President, LCOR Inc.; Rod Lawrence, Partner, The JBG Companies; Steve Silverman, Director, Montgomery County Dept. of Economic Development
Who can debate the positive value of urban realm improvements, a new rapid transit connection and development of more pedestrian friendly development patterns on Rockville Pike? NAIOP convened a panel of developers and economic experts responsible for these planned changes along a several mile strip of Wisconsin Ave (nee Rockville Pike) near White Flint Metro Station. The public realm improvements will be enacted largely as a result of the work of a consortium of interested developers with vested property interests. The white elephant in the room was the specter of increased traffic, due to increased residential and commercial densities projected along the corridor. Integration of a new bus rapid transit (BRT) line from Strathmore Metro Station was explained as one way to mediate how more users would not overburden the already overcrowded roadway. Montgomery County Department of Economic Development Director Steve Silverman stated that there was an effort to deaccenuate the 'bus' component of this new piece to focus more on the 'rapid transit' appeal of the proposal. The BRT would run in the middle of the street, in a dedicated right-of-way, slimming down several lanes of vehicular traffic.
Panelists stated that new models of mixed-use development soon to be seen along Rockville Pike have been crafted around inherent shifts in user taste and demand. Panelists sited trends which indicate that Gen Y-ers and Millenials prefer living in 24-hour urban environments over traditional suburbs, where integrated amenities- such as restaurants and pharmacies- are within walking distance. It was acknowledged that retail trends move in fifteen to twenty year cycles; this shift to mixed-use living represents the most recent evolution of retail trends. What went largely unsaid during the panel is that Rockville Pike - synonymous with the explosion of big box retail centers two decades ago - is desperately in need of a massive shift in development patterns, such as those proposed, in order to stay relevant and viable.
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