Duncan Names Development Team For Downtown Silver Spring Revitalization Project

mh/ssteam.pr 97-144 Contact: David Weaver, 301-217-6530;
Bill Mooney, 301-217-2500 or
Doug Wrenn, 301-565-7300
DUNCAN NAMES DEVELOPMENT
TEAM FOR DOWNTOWN SILVER
SPRING REVITALIZATION PROJECT For Immediate Release: May 13, 1997

Montgomery County Executive Douglas M. Duncan today announced that he is
entering into an exclusive agreement with a group of local developers to negotiate a joint
development plan for a mixed-use project on the central core site in downtown Silver Spring.
The development team consists of developers, Foulger-Pratt Companies (Rockville), The
Peterson Development Companies (Fairfax, VA.), and Argo Investment Company (Rockville);
architect, RTKL Associates, Inc. (Baltimore); and consultant, MRA International
(Philadelphia).
Duncan made his decision after meeting with and considering a number of different
developers over the past several months. The agreement, which does not specify a time
period for conception and development of the Urban Renewal Area site, requires the
development team to remain intact throughout the process.
"There were many factors that went into selecting a developer for this project," said
Duncan. "However, this team's individual track records for developing retail projects, coupled
with their local presence and commitment to this community, were two overriding factors in
my decision."
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DUNCAN NAMES DEVELOPMENT TEAM 2-2-2-2

While no specific plans have yet to be designed, Duncan said that the project should be a
good mix of retail and other features that reflects a "pedestrian-friendly town center
concept" that is in line with the sector plan for Silver Spring and the revised Urban Renewal
Plan. Duncan said that the concept should be designed in a manner that also reflects
consideration of the entire Silver Spring Central Business District area, integrating
surrounding areas to maximize "spillover benefits" that encourages further investment in
Silver Spring from other sources.
"The successful revitalization of Silver Spring will be a principal test of the County's
vision and leadership," said County Councilmember Derick Berlage (D-Silver Spring).
"Today's announcement is an important step in that direction."
The development team was organized by Bryant F. Foulger, vice president of Foulger-
Pratt and James W. Todd, president of The Peterson Development Companies. Together, the
five-member team has extensive experience in retail and mixed-use development. Among
local projects that members of the team have developed include Reston Town Center,
Fairlakes Mall, Silver Spring Metro Center, Milestone and Washingtonian Center.
"Our company is honored to be selected by Montgomery County as the lead developer
of the Town Center of Silver Spring," said Bryant Foulger. "We have a deep and long-term
commitment to this community and county. The future strength of our county depends on a
vibrant Town Center in Silver Spring."
"We are delighted to be a part of this very exciting project," said James W. Todd.
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DUNCAN NAMES DEVELOPMENT TEAM 3-3-3-3

"With the experience of our development team and the valuable input of the residents of
Silver Spring, we are confident we can develop a showcase Town Center."
The Foulger-Pratt Companies has been active in Montgomery County for 35 years.
The firm has experience in urban commercial and retail development, general construction
and property management. Foulger-Pratt is the owner of the largest office complex in Silver
Spring and a 2.2 million square foot mixed-use complex in downtown Salt Lake City, Utah.
The firm is actively developing office and retail centers throughout the Washington
metropolitan area.
The Peterson Companies is the leading retail developer and largest private
development company in the area. Over the past four years, the firm has opened more than
two million-square-feet of retail space and 35 restaurants. The company is currently
completing a 900,000 square-foot retail center at Milestone in Germantown. At the
Washingtonian Center in Gaithersburg, The Peterson Companies is planning a 400,000
square-foot retail center with a "main street" theme.
Argo Investment Company is based in Montgomery County and is actively developing
several retail projects with The Peterson Companies and Foulger-Pratt. The firm is also
overseeing the completion of Milestone, a master-planned community consisting of a one
million-square-foot retail center, including housing and an office complex.
The development team is expected to meet in early June with members of the Silver
Spring Redevelopment Steering Committee to begin conferring with the 31-member group as
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DUNCAN NAMES DEVELOPMENT TEAM 4-4-4-4

the team develops concept plans, a massing scheme and a tenant mix for the project. The
steering committee, which is comprised of representatives from civic, business and
community groups in the Silver Spring area, was appointed by Duncan in early February to
address issues related to the redevelopment and revitalization of Silver Spring.
"This agreement was reached with the understanding that whatever project is finally
conceived will have the unprecedented input of the Silver Spring community even before it
comes off the drawing board," said Duncan.
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