The Wegmans Effect: How Woodmore Town Centre Is Blowing Past Expectations

Thursday Throwback! As Mayor and resident living in the Residences at Woodmore Towne Centre in the CityofGlenarden  I am so proud and grateful that we have a Towne Centre that is performing exceptionally well. It has been a blessing for the City and the future of Glenarden.

 

On Sept. 29, 2008, the US stock market experienced the single biggest drop in its history, erasing $1.2 trillion in market value. The following day, undaunted by the financial crash, Petrie Richardson Ventures, in a JV with Prudential Real Estate Investors, closed on a $175M financing deal to build Woodmore Town Centre, a 245-acre mixed-use development in Glenarden.

Bisnow: Jon BanisterEight years later, that risk has paid off. Woodmore Town Centre is raking in roughly $600/SF, according to the Prince George’s County Economic Development Corp. It is anchored by Wegmans’ No. 1 store in the country in prepared food sales.

Source: The Wegmans Effect: How Woodmore Town Centre Is Blowing Past Expectations