Fairfax, Va. — The Peterson Companies has announced a joint venture to develop Rock Spring Centre, a $320 million, 1-million-square-foot mixed-use town center in Bethesda, Md. Peterson will be the lead developer for the retail and entertainment components of the project, and DRI will lead the office, hotel and residential portion.

Groundbreaking is anticipated later this year, with an opening in Spring 2014. When complete, the property will feature approximately 210,000 square feet of upscale retail and restaurants, 550,000 square feet of office space, 90,000 square feet of entertainment including a multi-screen movie theater, a hotel and 161 residential units.

The site is a 54-acre parcel of land that is owned by the Camalier/Davis family.

Bill Miller and Alex Walker from Transwestern Retail are leading the retail leasing.