Friday, June 02, 2006

New Residential Project Announced for Takoma Park

Takoma Park is about to see one of its big circa-1960’s bland box projects undergo a transformation into the 21st century. The Hampshire Towers, located at 7333 New Hampshire Avenue, has recently been purchased by DC-based Tenacity Group and the Community Preservation and Development Corporation (CPDC) for $15.3 million. Initial plans call for the larger of the two towers to be converted into 232 condo units (sales by Tenacity), while the second building will house 218 rental units reserved for low-income tenants (management will be run by the development corporation). This preservation of one tower for rental units is a nod toward Takoma Park’s demographics and history as a rent-controlled renter refuge – while 23 percent of Montgomery County residents are renters, this number jumps to 55 percent in Takoma Park. Monarc Construction has been hired as the main contractor for this work, which is expected to begin early 2007, and will be conducted on a rolling basis.



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