On July 16, Montgomery County officially became the site of Maryland’s first “Fast Track” approved project that will bring transit-oriented development (TOD) to the White Flint area.
Governor Martin O’Malley and Lt. Governor Anthony G. Brown joined Montgomery County officials, including County Executive Ike Leggett and private sector partners, for the groundbreaking.
The Pike & Rose project will be built by First Realty Investment Trust. Ultimately, it will transform 24 acres of asphalt parking lots and an auto-oriented strip retail center into a vibrant, walkable community with housing, retail, office and public spaces located close to the White Flint Metro Station.
Leggett said, “The Pike & Rose groundbreaking, part of the White Flint Transit Oriented Development Plan, represents another successful public-private partnership taking place here in the County. This effort will bring with it new jobs, tax revenue and increased transit ridership – all the elements you look for in an environmentally friendly, smart growth development. I join with the governor and lieutenant governor in congratulating Pike & Rose, First Realty Investment Trust and the entire team on this important milestone in the transformation of White Flint.”
As part of the County’s plans to concentrate transit-oriented development around the White Flint Metro Station, the State and the County co-designated the White Flint Sector Plan area as a TOD.
The overall plan allows for 17.6 million square feet of development, which would generate $6.9 billion in tax revenues over 30 years. Currently in the White Flint area, about 26 percent of people commute by transit, biking and walking. Under the White Flint Sector Plan, that percentage is projected to nearly double, reaching 50 percent after implementation.
Read the full news release.
POSTED AT: Friday, July 20, 2012 | 4:00:00 AM