The owner of the Boulevard at Capital Centre shopping center is thinking big when it comes to its revamp, with plans to begin work on a $200 million first phase later this year.
Owner Retail Properties of America Inc. (NYSE: RPAI), an Oak Brook, Illinois real estate investment trust, plans to convert the aging power center into a mixed-use development, with retail and a central, interactive green space that follows in the footsteps of some of the region’s buzziest retail developments: Mosaic District in Fairfax, Pike & Rose along Rockville Pike and others. They’ve also picked a name to try to boost that buzz: Carillon.
The project will kick off in the second or third quarter of this year with construction of a medical office building. RPAI is partnering with Trammell Crow in a joint venture on the office building, COO Shane Garrison told investors on the company’s first quarter earnings call.
The location makes sense for medical office; Carillon is directly across from where the University of Maryland Medical System is building a new $543 million regional medical center. Design Collective is the architect on the master plan and first phase of the RPAI development.