Over the life of the development project, the approved plan involves as much as 13 million square feet of retail, commercial, residential, hotel and cultural development. The plan emphasizes smart growth, environmental sustainability and walkability.
To be accomplished in three phases, the plan calls for up to 5,500 new residential units, 4.3 million square feet of commercial office space, 1.25 million square feet of retail space and 640 hotel rooms at full build-out. It also includes renovation of the outdoor performance venue, Merriweather Post Pavilion, and development of a multi-modal transportation system.
The master plan also has sustainability features, including measurable goals for saving energy and water, improving public transportation, ecology and livability. It features extensive bike trails and improved watersheds and storm water management systems. Green technologies and building standards will be utilized.
GGP is a self-administered and self-managed real estate investment trust (REIT). It owns and manages over 200 regional shopping malls in 44 states and the owns five master-planned communities.
