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A New Chapter for Gaithersburg, MD: WRS Inc. Breaks Ground on Transformative $1.2 Billion Lakeforest Mall Redevelopment

prnewswire.com
NVR NVR is mentioned as a national homebuilder constructing approximately 600 residential units as part of the Lakeforest Mall redevelopment. The article does not provide specific sentiment towards NVR's performance or prospects. HD The Home Depot is listed as a retailer that will be part of the new mixed-use development. The article does not offer any specific commentary or sentiment regarding The Home Depot's involvement or outlook. SMRT Sprouts Farmers Market is mentioned as a retailer that will be part of the new mixed-use development. The article does not provide any specific sentiment or details about Sprouts' role or expected performance.

A New Chapter for Gaithersburg, MD: WRS Inc. Breaks Ground on Transformative $1.2 Billion Lakeforest Mall Redevelopment GAITHERSBURG, Md., April 13, 2026 /PRNewswire/ -- Today, city officials, community leaders, and representatives from WRS Inc. gathered to celebrate the official groundbreaking of the Lakeforest Redevelopment, a visionary mixed-use project that will transform the former 102-acre Lakeforest Mall site into a vibrant, walkable "mini-city."

Since the mall's closure in 2023, the site has remained a focal point for the future of Gaithersburg, part of the Washington D.C MSA. This groundbreaking marks the start of a multi-phase construction plan designed to replace 1.1 million square feet of aging retail and vast parking lots with a sustainable and community-oriented destination.

A Vision for Modern Living and Economic Growth

The $1.2 billion redevelopment is anchored by a commitment to community revitalization, boasting a mix of uses that include:

National homebuilder NVR will be constructing approximately 600 new "for-sale" residential units ranging across a variety of housing types.

A soon to be announced partner will be constructing 600 rental apartment units with WRS, Inc

Potomac Housing Development will be constructing 250 workforce housing rental apartment units

The Home Depot: https://www.homedepot.com/

Sprouts Farmers Market: https://www.sprouts.com/

Landmark Theatres: https://www.landmarktheatres.com/

More retail and restaurant announcements to come. The plan also features an entertainment block to include stand-alone restaurants, small shop retail, and community space that may be utilized for a variety of uses including farmer's markets, food truck events, outdoor movie nights, yoga in the park, and/or any other community-based events.

Community-First Design

Prioritizing the "human scale," the project includes a master-planned grid of walkable streets and extensive public amenities. Residents will enjoy over 35 acres of green space, including a scenic boardwalk around the site's rejuvenated ponds, public gathering plazas, and improved pedestrian and bike networks connecting to surrounding neighborhoods.

"This is more than just a construction project; it is the rebirth of a community anchor," said Kevin Rogers, Principal of WRS Inc. "We aren't just building buildings; we are creating a destination where people can live, work, and thrive without being dependent on their cars. We are proud to deliver a project that honors the legacy of Lakeforest while looking firmly toward the future of Gaithersburg."

The redevelopment is projected to generate $2.7 million in annual recurring revenue for the City of Gaithersburg and provide an estimated $1.7 billion in annual economic output at full buildout.

Construction on Phase 1 infrastructure, including demolition, road networks and storm drain systems, is currently underway, with vertical construction of the first residential and retail blocks expected to follow thereafter.

About WRS Inc. Real Estate Investments

WRS Inc. is a leading full service real estate development firm based in Charleston, SC, specializing in large-scale retail and mixed-use redevelopments with over 10 million square feet developed across multiple states and product types.

Media Contact:

WRS, Inc

Direct: 843.654.7888

SOURCE WRS Inc.