Equity One Inc. has paid $65 million to buy the Westwood Shopping Center and neighboring Westwood Center II in Bethesda, reports Gazette.Net.
That gives the company parcels totaling 467,000 square feet of retail, office and multifamily space it needed as part of its plan to develop a mixed-use community on the southeast edge of downtown Bethesda, the website says.
Last year Equity One spent $140 million to purchase the Westwood Towers, Springhouse by Manor Care, Bowlmor Lanes and two Citgo gas stations. Equity now has control of a 22-acre mixed-use area that includes a 55-year-old Giant grocery, an apartment building and a 62-unit assisted living facility.
The properties are located between Westbard Avenue and River Road.
The company has created a website for the project that says it will re-develop the shopping center and businesses over several years, taking neighbors' views into account.
Equity held two recent community meetings to assess neighbors’ views on redevelopment. Information about upcoming meetings and other plans can be found at westbardvision.com.