The City of Gaithersburg has recently authorized an outline of a development plan with the new owners of Lakeforest Mall, WRS Inc.
The agreement is to set forth a framework for the redevelopment of the property (Lakeforest Mall) away from its current status as a roughly 40 year old mall to a thoughtfully designed mix of uses (including residential, commercial, and retail uses).
Here are some highlights:
- Lakeforest will submit and the City of Gaithersburg will process an application to rezone the property to MXD (both properties believe that’s MXD Zoning is in the public’s best interest).
- Lakeforest may develop the non-residential portions of the property with at least minimum floor area ratio of the percentages of mixed uses as follows: Hotel 5%; Retail 25%; and Office, other 5%; and with least a minimum of 45% residential development
- Lakeforest will submit a transportation analysis in accordance with the City Code requirement.
- Gaithersburg will use its best efforts to reasonably expedite the processing of Lakeforest’s applications.
A public-private evaluation process will be engaged throughout the planning effort.
While nothing is set in stone, it looks like we now know the future of the mall.
No dates have been provided regarding when the mall could close, if this is the direction WRS Inc. and the City of Gaithersburg ultimately choose to go.