Real estate developer and owner Tishman Speyer has acquired a redevelopment site in Washington D.C. where it plans to build new rental housing while retaining retail space and a large parking garage underground.

The property, which has featured the Mazza Gallerie urban mall since 1979, is located in the Friendship Heights neighborhood that spans the border of the District and Bethesda, MD. and is adjacent to a Metro subway station. Details regarding the project will be released at a later date.  

“We have been active in the Washington DC market for many years, focusing on investment in key infill neighborhoods,” said Jeff Chod, regional director at Tishman Speyer. “Most recently, we’ve been very pleased with the success of our Crossing DC residences, along with the stunning 2050 M Street office building. Overall, we believe the long-term outlook for both commercial and residential real estate in the District remains positive.”