The owner of Mazza Gallerie has obtained the financing it needs to redevelop the shuttered mall.
New York’s Tishman Speyer announced Thursday the Friendship Heights property will begin its planned redevelopment into a mixed-use property of 90,000 square feet of retail atop 320 apartments. The aging retail building sits at 5300 Wisconsin Ave. NW in Friendship Heights, on D.C.’s border with Maryland.
The firm said it has secured $150 million in construction financing from Toronto’s RBC Capital Markets, and obtained the permits it needed for the project. Tishman Speyer previously obtained $26 million in financing from EagleBank in 2021, shortly after it acquired the 294,000-square-foot property at auction for $52 million.
“With its prime location above the Friendship Heights Metro station on the border of D.C. and Maryland, the reimagined Mazza Gallerie will blend the walkable amenities of downtown living — including local restaurants, shops, grocery stores and parks — with immediate proximity to several of the region’s long-standing premier suburban neighborhoods,” Tishman Speyer Senior Managing Director Paul DeMartini said in a statement.