2024  | A Year of Resilience and Opportunity

This year brought notable changes to real estate development and construction, with both challenges and opportunities. High interest rates and tighter capital markets slowed construction financing, leading to fewer multifamily projects breaking ground in 2024. However, many new multifamily projects have moved into the design phase, reflecting optimism and strategic planning for 2025 and beyond.

The retail sector saw unexpected resilience and transformation. Despite earlier predictions of decline, brick-and-mortar retail adapted to shifting consumer preferences. While many traditional retail centers scrambled to innovate, experiential retail, smaller-format stores, and mixed-use developments—combining retail, residential, and entertainment spaces—gained momentum. Developers are increasingly repurposing underused retail properties to create walkable urban destinations and meet the demand for multifamily infill projects.

Extending Our Geographic Reach + Brand Collaboration

In 2024 MV+A continued to serve our clients nationally, assisting clients with sites across the DMV, DE, NC, SC, GA, FL, CO, AZ,  TX, MT, CA, IL, NY and NJ.

2024 | MV+A Geographic Reach

In the process, MV+A’s status as an industry leader in the grocery sector continued to flourish with numerous new projects for Whole Foods Market, Sprouts, Publix, Trader Joe’s and others—many beyond the Mid-Atlantic where we’re an established market leader.

Cultivating Connection

At the crossroads of history and modernity stands this freshly finished,166-unit multifamily residential project designed to enrich and reflect the unique character of its setting. This striking development occupies an entire city block along State Street—just three blocks from Kennett Square’s historic retail district.

The project is thoughtfully crafted to harmonize with the borough’s architectural vernacular while introducing a fresh, modern sensibility. Its massing is broken into two primary volumes linked by a central, white-washed connecting element that frames an elegant entry courtyard.

Additionally, most of our current projects will be home to prominent retail brands including Costco, Crate + Barrel, Dick’s House of Sport, Target, Starbucks, and others.

Reimagining Retail

Over the course of the year, MV+A continued work on major renovation and repositioning projects for underutilized commercial properties. Building on master plans completed in 2023, we advanced efforts at Lulah Hills in Decatur, GA—for EDENS—and Cascades Marketplace in Sterling, VA—for Willard Retail. Both projects incorporate future plans for densifying residential development, transforming their sites into vibrant, mixed-use communities.

Lulah Hills [Top] | Decatur, GA | Client: Edens, Cascades Marketplace [Bottom] | Sterling, VA | Client: Willard Retail

Numerous other new retail projects came to life in 2024. In Greenville, SC, we’re moving ahead with three new building projects as part of the Greenville County Redevelopment project for RocaPoint Partners. Projects include a multi-tenant—mostly bar and restaurant—building, a new building for PiNS Mechanical, and a new building for Whole Foods Market.

Greenville County Square Redevelopment | Greenville, SC | Client: RocaPoint Partners | Clockwise from Top: Building M, PiNS Mechanical, Whole Foods Market

For Kensington, we are working on new development projects in Gilbert, AZ, and Avon, CO. San Tan Village in Gilbert, AZ, is a new power-center project, master planned by MV+A, anchored by a new Whole Foods Market and Dick’s World of Sports. The Village at Avon in Avon, CO, is a 40-acre mixed-use development anchored by a new Whole Foods Market.

San Tan Village | Gilbert, AZ | Client: Kensington

The Village at Avon | Avon, CO | Client: Kensington

Other new and ongoing retail projects include Academy Yard in Odenton, MD, The Village at Shirlington, Dulles Town Center, Annapolis Mall, and Ballston Quarter.

Academy Yard | Odenton, MD | Client: Carras Partners

Recently Completed

In terms of newly completed retail projects, Phase I of our Westbard Square development for Regency Centers was completed earlier this year. This multi-tenant retail building includes a 60K SF Giant Food store and 54K SF of additional commercial space including a Tatte Bakery. The building currently 95% leased. Phase II of the project has kicked-off and MV+A is currently in design for the public park and residential portions of the development.

Westbard Square | Bethesda, MD | Client: Regency Centers

In White Oak, MD, MV+A has transformed an underutilized industrial site into a vibrant new retail destination. White Oak Town Center Phase I includes a 41K SF Amazon Fresh with adjacent inline retail along the east side of the site. And, a 2-story, 20K SF floorplate building, with inline retail on the ground level and commercial office space above, along the west side of the site.

White Oak Town Center | White Oak, MD | Client: Bernstein Management

In terms of newly completed residential projects, MV+A completed two much anticipated multifamily projects.

Broad + Washington, in Falls Church, VA, is a unique mixed-use multifamily project, anchored by a Whole Foods Market and the new home of the renowned Creative Cauldron theatre. The project features a mix of apartment types including ‘live-work’ units and 10% affordable housing. Three thoughtfully appointed court yards and a host or resident amenity spaces makes distinguishes this project as a premier ‘live-work-play’ residence in Falls Church.

The project will be featured in an upcoming ULI | Case Study tour on January, 30. Click Here for more info.

Broad + Washington | Falls Church, VA | Client: Insight Property Group

In Kennett Square, PA, our Kennett Square Apartments project for Berger Communities. The project represents a significant evolution in the borough’s residential landscape. Introducing a scale and style of development that is relatively new to the area, it reflects a broader movement within Kennett Square to diversify its housing options and cater to a wider range of residents, marking a notable shift from its traditional residential patterns. In addition to an amenity-rich environment, the inventory of apartment types has been designed and curated to provide a unique variety of layouts.

Kennett Square Apartments | Kennett Square, PA | Client: Berger Communities

Moving Ahead with Multifamily

As noted, while new construction starts for multifamily have been slow, new planning and design efforts have been moving forward. Phase I of our Virginia Village development, master planned by MV+A for Keane Enterprises, is currently working its way through the permit process in Leesburg, VA. The project will add 224-units to the Leesburg residential market.

We’ve recently started design on another multifamily project for Berger Communities in Wilmington, DE—130-units in size. And, in Charlotte, NC, we are planning a 295-unit multifamily project for ReMet.

We are also working on multiple projects for Elm Street Communities. Our 104-unit McClean Multifamily project is now fully entitled while our 280-unit Elms at Mt. Vernon project has broken ground.

All-in, MV+A currently has over 3,000 units in design or construction.

Clockwise from Upper Left: Virginia Village, Phase I | Leesburg, VA | Client: Keane Enterprises; Gilpin Multifamily | Wilmington, DE | Client: Berger Communities; McLean Multifamily | McLean, VA | Client: Elm Street Communities; Elms at Mt. Vernon | Fairfax, VA | Client: Elm Street Communities

Looking Ahead

This holiday season, we’re especially grateful for all the remarkable people we have the privilege to work with every day. From our clients and project stakeholders to our consultants and in-house team, each person demonstrates unwavering professionalism, competence, and determination—qualities that drive the success of every project we undertake together.

It is this sense of gratitude that fills us with optimism and excitement for the year ahead.

Wishing you all a Happy Holiday Season from all of us at MV+A!