Mazza Gallerie

From Wikipedia, the free encyclopedia
Mazza Gallerie
LocationWashington, D.C., United States
Opening date1977; 45 years ago (1977)
DeveloperWestern Development Corporation
OwnerTishman Speyer
No. of anchor tenants3 (2 open, 1 vacant)
Total retail floor area300,000 square feet (28,000 m2)
No. of floors4
Websitewww.mazzagallerie.com
Mazza Gallerie
Interior

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.

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[]

  1. ^ a b c Kelly, John (August 18, 2018). "What does a storefront in Mount Pleasant have to do with Mazza Gallerie?". The Washington Post.
  2. ^ Foster, LaToya (May 3, 2012). "Being Herb Miller–Washington, DC Real Estate Pioneer Committed to Giving Back". The Examiner.
  3. ^ Simpson, Elizabeth (November 15, 1999). "Renovated Mazza Gallerie Waits for Key Tenants". American City Business Journals.
  4. ^ Chamis, Eleni (December 18, 2000). "General Cinemas' Eatery Ends Run at Mazza Gallerie". American City Business Journals.
  5. ^ Lopes Harris, Pat (August 16, 1999). "New retail king?". American City Business Journals.
  6. ^ Hammer, Ben (June 7, 2004). "Mazza Gallerie rings up big sale". American City Business Journals.
  7. ^ a b Morphy, Erika (January 19, 2017). "Mazza Gallerie Closes at $78M". GlobeSt.com.
  8. ^ Cooper, Rebecca (January 17, 2017). "Friendship Heights retail center sells for $78 million". American City Business Journals.
  9. ^ "Neiman Marcus adds to store closing list". The Dallas Morning News. August 22, 2020.
  10. ^ "AMC Mazza Gallerie 7 closes in foreclosed Friendship Heights mall". WTOP. February 12, 2021.
  11. ^ Sernovitz, Daniel J. (May 25, 2021). "Mazza Gallerie sold, to be redeveloped under new owner". American City Business Journals.


Coordinates: 38°57′35″N 77°05′09″W / 38.9597°N 77.0857°W / 38.9597; -77.0857

Retrieved from ""