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701 Russell Ave
Gaithersburg, MD 20877
Lakeforest · Retail Property For Lease
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342,975 SF
PROPERTY FACTS
| Total Space Available | 342,975 SF | Frontage | 2,840’ on Montgomery Village Ave |
| Min. Divisible | 1,000 SF | Gross Leasable Area | 489,500 SF |
| Center Type | Community Center | Total Land Area | 218.46 AC |
| Parking | 200 Spaces | Year Built | 2028 |
| Center Properties | 6 |
| Total Space Available | 342,975 SF |
| Min. Divisible | 1,000 SF |
| Center Type | Community Center |
| Parking | 200 Spaces |
| Center Properties | 6 |
| Frontage | 2,840’ on Montgomery Village Ave |
| Gross Leasable Area | 489,500 SF |
| Total Land Area | 218.46 AC |
| Year Built | 2028 |
ABOUT THE PROPERTY
The former Lakeforest Mall, located on a 102-acre site at 701 Russell Ave., Gaithersburg, MD; is being redeveloped into a $1.2 billion mixed-use, live-work-play community. This will include 3.6 million square feet of new uses to replace the existing 1 million-square-foot mall plus parking lots. The reimagined Lakeforest will include approximately 1,600 residential units, both multifamily rentals and for-sale, 750,000 square feet of new life science-related commercial space — office, research and development, light manufacturing — and 470,000 square feet of new retail. A fiscal and economic impact analysis projects the redevelopment will generate an estimated $2.7 million in annual revenues for the city and provide $1.7 billion in annual economic output at full buildout.
