The master developer behind the massive Westphalia project in Prince George’s County is nearing a deal with a grocery store anchor, while exploring the possibility of sales or partnerships on future phases or even the entire project.
Having staved off default in 2017 through refinancings and a $42 million tax-increment financing package approved in November by Prince George’s County, Calgary, Alberta-based Walton Westphalia Development Corp. appears to be on the verge of a sea change with its 310-acre project, located along Pennsylvania Avenue across from Joint Base Andrews in Upper Marlboro.
The company has shifted its strategy, from serving the land in advance of development to “bulk selling future phases,” per its year-end 2017 financial report and release.
Kimco Realty (NYSE: KIM), the joint venture retail partner on Westphalia, received two letters of intent from potential town center grocers in the first quarter, one of which it is negotiating with now and “expects to have a fully executed LOI complete” by the second quarter of 2018, according to the release issued by Walton Westphalia.