Walgreens Germantown
1999Year Acquired |
15,000 SFCommercial Space |
SoldStatus |
A Special Theme for Germantown’s Walgreens
The Village of Germantown was seeking additional tax base to leverage the re-development of Washington Square Mall and repay related TIF expenditures. Building on its success with the mall re-development, General Capital had a strong relationship with the municipality, and was able to successfully negotiate the details of this high profile relocation of Walgreens.
Working in partnership with Mark Redmond’s company, General Capital negotiated a pharmacy design that differed from the company’s prototype and respected the community’s desire for a “Germanic” theme. The design complements other themed-architecture in the area and includes “Apotheke,” the German word for “pharmacy,” above its main entrance.
KEY THEMES
- High-profile retail relocation supported Germantown's broader redevelopment strategy and efforts to strengthen the local commercial tax base
- Strong municipal collaboration enabled General Capital to coordinate a prominent pharmacy development connected to the Washington Square Mall redevelopment
- Community-responsive design adapted Walgreens' standard prototype to reflect Germantown's distinctive Germanic architectural character
- Partnership-driven development balanced national retailer requirements with local planning, design, and economic-development objectives
- Custom architectural details, including the prominent "Apotheke" feature, created a distinctive identity while complementing surrounding themed development
RESULTS
- Successfully delivered a 15,000 SF Walgreens retail development in Germantown, with 1999 as the strongest supported project year
- Facilitated a high-profile Walgreens relocation while advancing the Village's broader commercial redevelopment objectives
- Contributed additional commercial tax base supporting the redevelopment strategy surrounding Washington Square Mall
- Negotiated a customized Walgreens design that departed from the company's standard prototype to satisfy community architectural goals
- Completed and ultimately sold a distinctive retail asset shaped through successful coordination between the developer, municipality, and national tenant
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