More Long Term Tenants Announced at Revamped Ellsworth Place in Downtown Silver Spring

From Ellsworth Place:

Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner-developers of Ellsworth Place retail center in downtown Silver Spring, announced today that new tenant Auntie Anne’s and long-time tenant Photo Palace signed and resigned long-term leases, respectively, at Ellsworth Place. Auntie Anne’s, taking a 730-square-foor space on Level 2, is projected to open in December. Photo Palace, now open at its redesigned, 855-square-foot space on Level 1, has been a tenant for nearly seven years, prior to Ellsworth Place’s renovations. As reported earlier this month, Dave and Buster’s highly anticipated opening is slated for mid-late November.

“We’re blending the old with the new, with Auntie Anne’s being part of the quintessential shopping experience, and Photo Palace representing an updated piece of the old Ellsworth Place and of the downtown community,” said Terry Richardson, president and COO of PRV. “These two tenant announcements continue the momentum for the upcoming grand opening of Dave and Buster’s and Guitar Center shortly thereafter.”

Ellsworth Place’s current anchor tenants include Burlington Coat Factory, Dave & Buster’s, Guitar Center, Marshalls, Michaels, Ross and T.J.Maxx. Recently opened stores include F21 Red, Not Your Average Joe’s restaurant, Payless Shoe Source, Foot Locker and MOD Pizza. Additional tenants opening their doors soon at Ellsworth Place include Kung Fu Tea and Rue21.

Ellsworth Place is projected to generate approximately $38.4 million in tax revenues over the next 20 years. There will also be approximately 807 permanent FTE jobs in the County, and during the construction phase, the renovation is projected to generate 253 temporary jobs. On a statewide level, Ellsworth Place is projected to generate $175 million in state tax revenues and support 881 permanent jobs, inclusive of those in Montgomery County.

About Ellsworth Place

Ellsworth Place is a 350,000-square-foot retail center located in the heart of the award-winning revitalized Silver Spring, Md., and anchored by Burlington Coat Factory, Dave & Buster’s, Guitar Center, Marshalls, Michaels, Ross and T.J.Maxx. Petrie Richardson Ventures acquired ownership and management of the former City Place Mall in 2012 in a joint venture with Rockwood Capital, and invested in extensive renovations of both the exterior and interior, including improvements to access, common areas, existing tenants and new tenants within a refreshed industrial chic interior architecture. www.ellsworthplace.com.

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