Retrofit Atlas

Malls · Maryland

Lakeforest Mall

Imported, unreviewedRedevelopedDemolishedGaithersburg, MD

Opened 1978. Closed 2023. Redeveloped in 2026.

Status nowDemolishedextracted, unreviewed
What it becamehousing, office, retail, entertainment, park, mixedextracted, unreviewed
Site size100 acresextracted, unreviewed
Last sale$19.1M · 2017public reporting
Retrofit year2026public sources
Walkability18.8 of 20 · 15-minute 5 of 6EPA, OpenStreetMap
Rail within 800 mNo · Opportunity ZoneOpenStreetMap, HUD
Reach the owner Download dossier (PDF) · early access Download record (JSON) API Share LinkedIn Correct this record

Solid = from the authors' map · outlined = public source · dashed = model-written, not yet reviewed by a person. Tap any value's source label to see where it came from.

Lakeforest Mall
Lakeforest Mall. Photo: G. Edward Johnson, CC BY 4.0, via Wikimedia Commons.

Site profile33 elements · what this retrofit is built with · tap a chip for the evidence

Former anchors
Hecht'sThis site: Hecht's wikipedia · all sites with this
JCPenneyThis site: JCPenney wikipedia · all sites with this
Lord & TaylorThis site: Lord & Taylor wikipedia · all sites with this
Macy'sThis site: Macy's wikipedia · all sites with this
SearsThis site: Sears wikipedia · all sites with this
Finance and pipeline
High attention (20k+ Wikipedia views a year)This site: 21,219 wikimedia · all sites with this
On FacebookThis site: …https://www.facebook.com/116451623241321 overture · all sites with this
Website aliveThis site: …https://www.boostmobile.com/ overture / http check · all sites with this
Place
15-minute neighbourhood (5+ of 6 daily needs within 800 m)This site: 5/6 openstreetmap · all sites with this
200+ tax-credit housing units within 1 kmThis site: 247 units in 2 properties hud-lihtc · all sites with this
3+ other atlas sites within 10 kmThis site: 4 within 10 km computed · all sites with this
30,000+ vehicles a day on an adjacent roadThis site: 58,343 on 124 fhwa-hpms · all sites with this
Bike network nearbyThis site: 26 ways openstreetmap · all sites with this
County lost 10%+ of retail establishments since 2012This site: -13% census-cbp · all sites with this
County permitting 2,000+ apartment units a yearThis site: 2,149 units, Montgomery County census-bps · all sites with this
County typical rent $2,000+This site: $2,283/mo zillow · all sites with this
Grocery within 800 mThis site: 7 stores openstreetmap · all sites with this
High social vulnerability tract (SVI ≥ 0.75)This site: 0.88 cdc-svi · all sites with this
Opportunity ZoneThis site: 24031700713 hud-oz · all sites with this
Renter-majority tractThis site: 67% census-acs · all sites with this
Tract income flat or down since 2013This site: +10% census-acs · all sites with this
Walkable block group (EPA ≥ 12)This site: …index 18.8 epa-walkability · all sites with this
Policy tool
Master plan or PUDThis site: …urg Mayor and Council, 5-0, April 17, 2023. Lakeforest Mall Master Plan (adopted Aug 16, 2021) https://www.gaithersburgmd.gov/gover research-planning · all sites with this
Scale
1M+ sq ft GLAThis site: 1,045,000 sq ft research-planning · all sites with this
60+ acre siteThis site: 100 acres extraction · all sites with this
Strategy
RedevelopedThis site: ~1,600 homes and ~500k sf retail ($1.2B) record · all sites with this
New use
Civic and governmentThis site: Plan (adopted Aug 16, 2021) https://www.gaithersburgmd.gov/government/projects-in-the-city/lakeforest-mall-rezoning extraction · all sites with this
Entertainment and sportsThis site: …new_use field extraction · all sites with this
HousingThis site: …new_use field extraction · all sites with this
Mixed useThis site: …new_use field extraction · all sites with this
OfficeThis site: …new_use field extraction · all sites with this
Park and open spaceThis site: …new_use field extraction · all sites with this
Retail (continued)This site: ~1,600 homes and ~500k sf retail ($1.2B) Approved by Gaithersburg Mayor and Council, 5-0, Ap extraction · all sites with this

All elements and lists · Trends

Now

StatusDemolishedextracted, unreviewed
StrategyRedevelopedpublic sources
New useshousing, office, retail, entertainment, park, mixedextracted, unreviewed
What is there now~1,600 homes and ~500k sf retail ($1.2B)public sources
Retrofit year2026public sources
RedeveloperWRS, WRS Inc. Real Estate Investmentspublic sources

Planning

Zoning changeC-2 (general commercial) → MXD (mixed use); sketch plan up to 1,600 dwellings and 1.2M sq ft non-residential (map amendment to MXD with sketch plan)research
Public purchase or subsidyThe county is spending about $5M to purchase the land for the transit center and prepare the site.research
Entitlement year2023research
Planning notesApproved by Gaithersburg Mayor and Council, 5-0, April 17, 2023. Lakeforest Mall Master Plan (adopted Aug 16, 2021) https://www.gaithersburgmd.gov/government/projects-in-the-city/lakeforest-mall-rezoningresearch

Deals and debt

DateEventPricePartiesSource
2019Sold—WRS Inc. Real Estate Investments ← U.S. BankWikipedia
2017Sold$19.1M closed ← Five Mile CapitalWikipedia
2003Sold—Simon Property Group ← GM Pension TrustWikipedia
1998Sold—GM Pension Trust ← Taubman CentersWikipedia

Securitised debt and public filers

Filings (2001 to date) that name “Lakeforest Mall” and “Gaithersburg” (66 hits, first 66 sampled, 7 other filers such as tenants left out). Only weak matches to commercial-mortgage trusts: the mall may have backed a securitised loan, or may just be mentioned in the filing; several trusts usually means one loan split into pari-passu notes. Earliest trust filing in the sample 2005-10-12 (a sample date, not the issuance date); Whether the loan is still in the pool, in special servicing or repaid is in the trust's monthly distribution reports, which are not searchable here. Text matches, not a title search. Open the search · all trusts.

KindFilerFilingsDatesForms
CMBS trust (weak)BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC12005-10-12 to 2005-10-128-K 1
Public owner (strong)MILLS CORP102004-08-27 to 2005-11-098-K 8, 8-K/A 1, 10-K 1
Public owner (strong)MILLS LIMITED PARTNERSHIP92004-10-21 to 2005-11-098-K 7, 8-K/A 1, 10-K 1
Public owner (weak)SIMON PROPERTY GROUP INC /DE/ (SPG, SPG-PJ)312007-04-27 to 2012-02-288-K 21, 10-K 10
Public owner (weak)SIMON PROPERTY GROUP L P /DE/102008-03-13 to 2012-03-0210-K 10

As reported by the owner

Property tables from the owner's annual report (Form 10-K, Item 2) on EDGAR, one row per filing year. GLA, occupancy and anchors are the filer's own figures at that year end; “leased” counts signed leases, “occupied” counts open stores; ownership is the filer's share. Matched by name and place, unreviewed; the verbatim table row is in sec_facts.csv.

Year endFilerName in filingGLA sq ftOccupancyYearsShareSales psfAnchors listed
2009Simon Property Group 10-K, 2010-02-25Lakeforest Mall Gaithersburg, MD
match: exact		1,045,38784.5% occupiedacquired 200725.0%
Fee		Macy's, Lord & Taylor, JCPenney, Sears, H&M
2004The Mills Corporation 10-K, 2005-03-31Lakeforest Mall Gaithersburg, MD
match: exact		1,086,000
in-line 398,000		acquired 2004Hecht’s, JC Penney, Lord & Taylor, Mastercraft Interiors and Sears

Site context

Transit within 800 mno rail stationOpenStreetMap
Motorway junctions within 2 km10, 10-11-12, 11, 12OpenStreetMap
FEMA flood zoneX · AREA OF MINIMAL FLOOD HAZARDFEMA NFHL
EPA-regulated facilities within 500 m29: AMOCO #84776 TANKS; AMOCO OIL COMPANY; BRANCH BANK & TRUST; CHI-CHI'S - LAKE FOREST MALL; CVS PHARMACY #1490EPA FRS
Census tract 240317007135,144 people, 9,564 per sq mi; median household income $53,333; median gross rent $1,844; 67% renters; 5.3% vacant units; 6.0% commute by transitACS 2023 5-year
Walkability (EPA, block group)index 18.8 of 20; 184 intersections per sq mi; nearest transit stop 194 m; land-use mix 0.89; 151,322 jobs within 45 min by car, 88,773 by transit; 4% of households without a carEPA Smart Location
Within a 10–15 minute walk (800 m)5 of 6 daily needs: 7 grocers, 0 schools, 6 parks or playgrounds, 3 health, 1 civic, 39 food and drink; 26 cycleway segments, 221 sidewalk-tagged segmentsOpenStreetMap
Opportunity Zoneyes, tract 24031700713 (rural)HUD
Housing permits, Montgomery County (MD), 20242,149 units in 5+ unit buildings, 16 in 2–4, 1,491 single-family; 2023: 1,840 in 5+Census BPS
Social vulnerability (CDC SVI 2022, tract)overall percentile 0.88; socioeconomic 0.88; housing and transport 0.85; 40% below 150% of poverty; 12% of households with no vehicleCDC/ATSDR
Other atlas sites nearby4 within 10 km, 8 within 25 km: Casey Rosedale (1.7 km); Rio Residential Project (1.7 km); Rockville Mall (8.6 km); RedGate Park and Arboretum (9.6 km)computed
Overture Mapsplace BOOST Mobile Lakeforest MALL (shopping, confidence 0.60, from Overture, meta); building footprint 7,865 m²Overture (CDLA-Permissive 2.0)
Website and socialwww.boostmobile.com (alive); archived 2001–2026 (Wayback) · social: facebookOverture / Internet Archive
Attention: Wikipedia page views172,796 since 2015; 21,219 in the last 12 months (+0% vs the prior 12); peak 2023-03 with 6,784Wikimedia
Tract change 2013–2023population -8% (5,595 → 5,144); median income +10% ($48,485 → $53,333); renters 65% → 67%; median home value +29% ($228,800 → $294,700)Census ACS 5-year
Natural hazard risk (FEMA National Risk Index, tract)very low overall (score 11.5); expected annual loss $425,760; high: winter weather; community resilience relatively moderateFEMA NRI
Tax-credit housing within 1 km2 LIHTC properties, 247 units: Forest Oak Towers Apts (175 units); Oaks At Olde Towne (72 units)HUD LIHTC
Retail trade in the county, 2012 to 20232,358 establishments (-13%); 43,577 jobs (-5%)Census CBP
Housing market in the countytypical home value $606,938 (-0% 1 yr, +10% 5 yr); typical rent $2,283/mo (+1% 1 yr), 2026-09Zillow Research
House price index, tract, 2020427 (2000 = 100)FHFA
Traffic on the busiest road within 600 m (2024)58,343 vehicles a day on 124 (principal arterial, 6 lanes); 1,692 trucks; 29 counted segmentsFHWA HPMS
Site metrics10,450 sq ft GLA per acre; FAR 0.24computed

Summary, model-written

Lakeforest Mall opened in 1978 under Taubman Centers, changed ownership several times, and faced financial stress including a Simon Property Group mortgage default in 2011. The mall closed to the public in 2023, demolition began in 2025, and the site is slated for redevelopment starting in 2026.

Why. Visible causes in the record include Simon's 2011 mortgage default, the 2017 auction sale for $19.1 million, and the 2023 closure leading to demolition; specific anchor losses or broader competition are not stated in the record.

Where it stands. As of 2026 the demolished site is under control of developer WRS, which is leading the redevelopment.

For a planner

  • Zoning changed from C‑2 to MXD with a sketch plan allowing up to 1,600 dwellings and 1.2 M sf non‑residential.
  • Approved by Gaithersburg Mayor and Council (5‑0) in April 2023, building on the 2021 Lakeforest Mall Master Plan.
  • The county is allocating about $5 M to purchase land for a transit center and prepare the site.
  • Open questions: timing of build‑out, infrastructure impacts, and affordable‑housing provision.

For a developer

  • 100‑acre parcel with 1.045 M sf existing GLA and a low FAR of 0.24, indicating substantial redevelopment capacity.
  • Controlled by WRS since the 2019 purchase; entitlement granted in 2023 for MXD use.
  • Context shows median rent $2,030 in the tract, signaling strong rental market demand.
  • No explicit flood, transit, or environmental constraints are detailed in the record.

What we do not know yet

  • Exact anchor tenant losses and broader market competition are not specified.
  • Environmental remediation needs, flood‑zone status, and transit infrastructure details are missing.
  • The phasing and financing of the ~1,600‑unit, ~500k sf retail project ($1.2 B) are not outlined.
  • Verification status is draft; several fields (year_closed, acres, original_developer) are model‑extracted and unreviewed.
  • The precise mix of uses (housing, office, retail, entertainment, park) and any affordable‑housing requirements are not detailed.

Generated by nvidia/nemotron-3-super-120b-a12b on NVIDIA API via Hermes CT from the fields, parcels, deals and context layers on this page, with no outside knowledge. It is regenerated when the record changes and has not been checked by a person. How it is made.

Similar sites

  • DeSoto Square Mall, South Bradenton, FL · Malls · similar size (100 acres); opened 1973; closed 2021
  • Knoxville Center Mall, Knoxville, TN · Malls · similar size (78 acres); opened 1984; closed 2020
  • Mall at Fox Run, Newington, NH · Malls · similar size (82 acres); opened 1983; closed 2026
  • Lafayette Square Mall, Indianapolis, IN · Malls · similar size (80 acres); similar GLA (1,200,000 sq ft); closed 2022

Elsewhere on the web

Pages with photos

Search images: Google · Bing · Commons · references: ULI case studies · Google Scholar

Multifamily screen

  • closed or demolished site (sourced)
  • already in play: under construction, approved, or sold to a developer with housing plans
  • 100 acres
  • median rent $2,030
  • housing in the record

Inputs: record fields (size, status) and county Census ACS 2018–2023 figures (growth, rent). How the points work. Not a recommendation.

History and original facts

Opened1978Wikidata
Closed2023extracted, unreviewed
Acres100extracted, unreviewed
Gross leasable area1,045,000 sq ftresearch
Original developerTaubman Centersextracted, unreviewed
AnchorsMacy's, JCPenney, Sears, Lord & Taylor, Hecht's, Woodward & Lothrop
CountyMontgomery County
Census division5 · South Atlantic

Background

Lakeforest Mall, informally known simply as Lakeforest, was an enclosed shopping mall located in Gaithersburg, Maryland. The property has been owned by WRS Inc. Real Estate Investments as of July 2019, which is in the process of redeveloping the former site.

Excerpt from Wikipedia (authors and history), CC BY-SA 4.0. May be older than the record above.

Timeline

  1. 1978 Opened (Wikidata)
  2. 1978 Opened
  3. 1998 Sold to GM Pension Trust
  4. 2003 Purchased by Simon Property Group
  5. 2011 Simon defaulted on mortgage
  6. 2017 Sold at auction for $19.1 million
  7. 2019 Purchased by WRS Inc. from U.S. Bank
  8. 2023 Closed to public
  9. 2025 Demolition began
  10. 2026 Retrofit: redevelop
  11. 2026 Demolition completed

Sources

  • found by hermes-web (staffboxfree) · supports: acres, original developer, status, year closed
    21 quoted sentences
    The mall closed to the public on March 31, 2023.
    WRS Inc. is planning to redevelop the entire 100 acres (40 ha).
    Originally developed, owned and operated by Taubman Centers
    Demolition was completed on June 9, 2026.
  • City of Gaithersburg · supports: zoning change
    1 quoted sentence
    The master plan calls for rezoning the 102-acre site from general commercial to mixed use.
  • moco360.media
  • Bisnow · 2026-04

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