Mazza Gallerie
Mazza Gallerie is a shopping mall in the Friendship Heights neighborhood of northwest Washington, D.C., directly connected to the Friendship Heights station. It includes a four level parking garage and three levels of retail stores.
 | |
| Location | Washington, D.C., United States |
|---|---|
| Opening date | 1977 |
| Developer | Western Development Corporation |
| Owner | Tishman Speyer |
| No. of anchor tenants | 3 (2 open, 1 vacant) |
| Total retail floor area | 300,000 square feet (28,000 m2) |
| No. of floors | 4 |
| Website | www |
The mall is named after Louise Mazza, whose daughter Olga inherited the land prior to development.[1]
History
The mall opened in 1977.[1] It was an early project of Herbert S. Miller's Western Development Corporation, which later developed Potomac Mills, Georgetown Park, and Washington Harbour. Miller assembled a deal with property owner Olga Mazza and Neiman Marcus owner Stanley Marcus to build the development; Olga wanted an office building named after her mother and Miller wanted a residential component, but neither were approved.[2][1]
In June 1997, a group headed by Daniel McCaffery, who owned the Friendship Centre development across Wisconsin Avenue, acquired the mall for $28 million and opened up the marble block exterior with new windows, better lighting, and additional entrances.[3] Among the added venues were a General Cinemas theatre and a restaurant, The R Room, owned by General Cinemas but operated by the restaurant division of Neiman Marcus. It closed in December 2000.[4]
The project was financed by Security Capital Group, which was acquired by General Electric in 2001.[5]
In June 2004, Teachers Insurance and Annuity Association of America acquired the mall from General Electric for $77 million.[6][7]
In January 2017, Ashkenazy Acquisition Corporation, led by Ben Ashkenazy, acquired the mall from Teachers Insurance and Annuity Association of America for $78 million.[8][7]
In August 2020, the closure of the Neiman Marcus store was announced[9] and in February 2021, the closing of the AMC Theatres was announced.[10]
In August 2020, Annaly Capital Management acquired the property via foreclosure. In May 2021, Tishman Speyer acquired the property for $52 million with plans to redevelop it into 350 apartments and 26,000 square feet of retail space.[11]
References
- Kelly, John (August 18, 2018). "What does a storefront in Mount Pleasant have to do with Mazza Gallerie?". The Washington Post.
- Foster, LaToya (May 3, 2012). "Being Herb Miller–Washington, DC Real Estate Pioneer Committed to Giving Back". The Examiner.
- Simpson, Elizabeth (November 15, 1999). "Renovated Mazza Gallerie Waits for Key Tenants". American City Business Journals.
- Chamis, Eleni (December 18, 2000). "General Cinemas' Eatery Ends Run at Mazza Gallerie". American City Business Journals.
- Lopes Harris, Pat (August 16, 1999). "New retail king?". American City Business Journals.
- Hammer, Ben (June 7, 2004). "Mazza Gallerie rings up big sale". American City Business Journals.
- Morphy, Erika (January 19, 2017). "Mazza Gallerie Closes at $78M". GlobeSt.com.
- Cooper, Rebecca (January 17, 2017). "Friendship Heights retail center sells for $78 million". American City Business Journals.
- "Neiman Marcus adds to store closing list". The Dallas Morning News. August 22, 2020.
- "AMC Mazza Gallerie 7 closes in foreclosed Friendship Heights mall". WTOP. February 12, 2021.
- Sernovitz, Daniel J. (May 25, 2021). "Mazza Gallerie sold, to be redeveloped under new owner". American City Business Journals.