Lakeforest Mall
A former enclosed regional shopping mall in Gaithersburg, Maryland.
Last updated August 25, 2026
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Overview
Lakeforest Mall was an enclosed regional shopping center in Gaithersburg, Maryland, United States. It opened on September 12, 1978, as Lakeforest Regional Mall on land associated with Lake Walker, a man-made lake and park that previously occupied the property. At opening, the mall was anchored by JCPenney, Sears, Woodward & Lothrop, and Hecht's, and it initially contained roughly several dozen stores. The project was notable in its early years for including an indoor ice-skating rink, an unusual amenity for a shopping center at the time, and it was described as the largest indoor mall in Montgomery County when it opened. The mall was originally developed, owned, and operated by Taubman Centers. Its tenant mix changed substantially over the following decades as department-store operators consolidated and consumer preferences shifted. Woodward & Lothrop closed in the mid-1990s and was replaced by Lord & Taylor in 1996. Hecht's was replaced by Macy's in 2006 after Macy's parent company acquired the Hecht's chain. The former ice rink was converted first into a multiplex cinema and later into a food-court area. In 2000, the mall introduced Cafes in the Forest, a food court with multiple quick-service operators. Restaurants and entertainment venues operating at various times included Friendly's, Long John Silver's, Chi-Chi's, Ruby Tuesday, Red Robin, Silver Diner, and a Cineplex Odeon theater. Ownership and management changed repeatedly. Simon Property Group acquired the Mills Corporation in 2007 and assumed control of the property through that transaction. Following a mortgage default in 2011, the mall was placed on the market. Five Mile Capital Partners subsequently became associated with the property and engaged Hines in 2013 to develop a long-term plan. The mall experienced declining financial performance and increasing vacancy during the 2010s. It was sold at foreclosure auction in August 2017 for $19.1 million, substantially below an earlier reported valuation or asking figure. U.S. Bank later acquired the property in connection with the foreclosure process, and WRS Inc. Real Estate Investments purchased it in 2019. WRS proposed replacing the approximately 100-acre mall site with a mixed-use district containing residential, retail, and commercial uses. Concepts discussed during the planning process included townhouses, offices, new stores, a movie theater, a parking structure, improved ponds and boardwalks, and a possible relocation of the Lakeforest Transit Center and park-and-ride facility. The redevelopment context accelerated the departure of the mall's department-store anchors. JCPenney closed in July 2019, Lord & Taylor closed in September 2019, and Sears closed in December 2019. Macy's remained as the only anchor until it announced its departure in January 2023 and closed on March 18, 2023. Lakeforest Mall closed to the public on March 31, 2023, after approximately 44 years of operation. With the final anchor gone, the enclosed mall no longer functioned as a conventional retail destination. Interior demolition began in June 2025, followed by exterior demolition beginning in April 2026; demolition was reported as complete on June 9, 2026. The former mall property is intended for redevelopment rather than continued operation as an enclosed shopping center.
History
Lakeforest Mall opened in Gaithersburg on September 12, 1978, under the name Lakeforest Regional Mall. The property had previously been associated with Lake Walker, a man-made lake and park, which inspired the mall's name. Its original anchor lineup consisted of JCPenney, Sears, Woodward & Lothrop, and Hecht's. The center opened with approximately 30 to 50 stores and absorbed some retailers from the nearby indoor Village Mall. It was among the early United States shopping centers to offer an indoor ice-skating rink and was considered the largest indoor mall in Montgomery County at the time. The original rink occupied space on the lower level in the mall's H section. In 1984, it was replaced by an NTI Theaters cinema, later known as Cineplex Odeon Lakeforest 5. The cinema closed in January 2000, and the space was converted into the Cafes in the Forest food court, which opened later that year with nine food businesses. The mall also hosted a variety of full-service restaurants and family-oriented amenities, including children's play areas and, during the 2010s, a miniature train ride. Tenant and ownership changes shaped the mall's later history. Woodward & Lothrop closed around 1995 and was replaced by Lord & Taylor in 1996. In 1998, Taubman Centers sold the property to GM Pension Trust. A Lakeforest Transit Center with park-and-ride facilities was established in nearby parking-lot space around the same period. Simon Property Group became involved through its 2003 purchase of the mall and later its 2007 acquisition of the Mills Corporation, which had owned and managed Lakeforest. After a mortgage default in 2011, the property was marketed for sale. The mall's department-store lineup was reduced by broader retail-industry consolidation. Macy's replaced Hecht's on May 28, 2006. In 2013, Five Mile Capital Partners engaged Hines to help formulate a long-term plan for Lakeforest. A new children's play area opened on July 30, 2013, while the earlier central play area and fountain were removed that summer. Declining occupancy and performance became increasingly evident. The property was sold at auction on August 22, 2017, for $19.1 million after foreclosure proceedings. A potential purchase by Petrie Richardson Ventures was discussed but did not close at that time. U.S. Bank later held the property before WRS Inc. Real Estate Investments acquired it in 2019. WRS planned to redevelop the roughly 100-acre site as a mixed-use district. Publicly discussed concepts included housing, offices, retail stores, a theater, structured parking, improved ponds with a boardwalk, and possible relocation of the transit center. The anchor closures made continued operation increasingly difficult. JCPenney closed on July 5, 2019; Lord & Taylor closed on September 15; and Sears closed on December 1. Macy's was the sole remaining anchor until it announced its closure in January 2023. After liquidation sales, Macy's closed on March 18, 2023. WRS announced that the entire mall would close at 7:00 p.m. on March 31, 2023. The closure ended Lakeforest's 44-year run as an enclosed shopping destination. Redevelopment-related interior demolition began in June 2025, while exterior demolition began on April 1, 2026. Demolition was reported complete on June 9, 2026, clearing the way for the planned mixed-use redevelopment.
- 2026
Demolition is completed
[1]Exterior demolition begins April 1 and the mall demolition is reported complete on June 9.
- 2025
Interior demolition begins
[1]Interior demolition begins as preparation for redevelopment.
- 2023
Mall closes to the public
[1]After Macy's closes, the full property shuts at 7:00 p.m. on March 31.
- 2019
WRS acquires the mall
[1]WRS Inc. Real Estate Investments purchases the property and advances plans for redevelopment.
- 2017
Property sells at foreclosure auction
[1]Lakeforest is auctioned for $19.1 million after foreclosure proceedings.
- 2013
Long-term redevelopment planning begins
[1]Five Mile Capital Partners hires Hines to help map out a long-term plan for the property.
- 2006
Macy's replaces Hecht's
[1]Macy's takes over the Hecht's anchor location on May 28.
- 2000
Cafes in the Forest food court opens
[1]The former cinema space becomes a food court with multiple food operators.
- 1996
Lord & Taylor replaces Woodward & Lothrop
[1]Lord & Taylor takes over the space vacated by Woodward & Lothrop.
- 1984
Ice rink is replaced by a cinema
[1]The original indoor skating rink is converted into an NTI Theaters movie complex.
Products and positioning
A suburban regional shopping mall serving Gaithersburg and surrounding Montgomery County communities, with a broad department-store and specialty-retail tenant mix before its later decline and planned conversion into a mixed-use district.
Shopping mall · 1978
Enclosed regional shopping center
Lakeforest's core offering was a climate-controlled suburban shopping environment combining department stores, specialty retailers, food outlets, restaurants, family amenities, and entertainment. Its original design included an indoor ice rink, while later configurations used that space for a cinema and then food-service functions.
Food court · 2000
Cafes in the Forest
Cafes in the Forest opened in 2000 in the former multiplex area. It provided a shared dining venue for several quick-service food businesses and complemented restaurants that had operated elsewhere in the mall over the years.
Family amenity · 2013
Children's play areas
The mall operated children's play facilities, including the earlier Professor Frog's Courtyard and a replacement play area opened in 2013. These amenities supported the mall's role as a family-oriented community destination.
Transit access · 1998
Lakeforest Transit Center
A transit center and park-and-ride facility used part of the mall's surrounding parking area. Relocation of the facility was considered in redevelopment concepts for the property.
Brand decisions
2023
Lakeforest Mall closes permanentlyStrategyBackground
Macy's, the last remaining anchor, closed on March 18, leaving the center without a department-store anchor.
Action taken
WRS announced that the full mall would close to the public at 7:00 p.m. on March 31.
Aftermath
The property moved from retail operations to demolition and mixed-use redevelopment planning.
2019
WRS advances full-site redevelopmentStrategyBackground
The property had experienced foreclosure, declining performance, and the loss of several department-store anchors.
Action taken
WRS Inc. Real Estate Investments acquired the mall and pursued plans to replace the approximately 100-acre enclosed-mall site with a mixed-use district.
Aftermath
The redevelopment strategy continued as the remaining anchors closed and the mall ultimately shut in 2023.
Sources1 sources
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