A joint venture between MCB Real Estate and Generation Properties has broken ground on The Shops at Fairway Village, a $115 million mixed-use project in Waldorf, Md., near Washington, D.C. Upon its expected completion in Spring 2026, the property will comprise 120,000 square feet of grocery, restaurant and retail space, along with 186 residential units.
Weis Markets, Eggspectation, Hair Cuttery, KinderCare Learning Centers, McDonald’s, Heartland Dental and Saleya Nail&Spa have already preleased a total of more than 90,000 square feet, representing 76 percent of the retail square footage. Delivery for The Shops at Fairway Village is expected in the fall of 2025.
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Construction on the residential portion of the project will start at the beginning of next year. The mixed-use development is slated to support more than 300 jobs and provide housing for nearly 450 residents.
The development site is at 1130 Billingsley Road, near the intersection with St. Charles Parkway. The retail center is slated to serve roughly 50,000 individuals across 20,000 households with an average income of approximately $132,000, according to MCB.
Shifting markets, shifting plans
MCB and Generation assumed control of the property in 2020 and purchased the site last year. Plans for The Shops at Fairway Village originally called for a 300,000-square-foot commercial development. However, following shifts in the dynamics of retail and residential markets, the project was downsized and restructured to accommodate for mixed commercial and residential purposes.
Charles County’s population grew by 11.4 percent over the last 14 years, increasing demand for housing. The addition of 186 new residences ought to bolster the market’s inventory, aiming to accommodate professionals in education, finance, and technology sectors, MCB Principal Drew Gorman stated in prepared remarks.
The addition of the residential element as infill development also works as a tactic to boost activity in the retail center and extend the time people spend there, as the residences will be within short walking distance, Gorman added.
The post MCB, Generation Properties Break Ground on DC-Area $115M Mixed-Use appeared first on Commercial Property Executive.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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