Sunday, February 11, 2007

Rockville Town Center Project to Start Construction in Early 2008


After two years on maneuvering, Duball (a joint venture between Reston-based Duball LLC and LA-based CIM Group) is now expected to break ground in early 2008 on its Rockville Town Center project, a $240 million, two residential-tower complex in downtown Rockville just one block west of the Rockville metro station and bounded by East Montgomery Avenue, Maryland Avenue and Monroe Street. Duball plans to develop 485 homes, 45,300 sf of street-level retail, and about 1,400 garage spaces on this 3-acre plot, with architecture by Torti Gallas. Final project review by Rockville planning officials is scheduled for this month, after which applicable permits will be acquired. Construction is expected to be completed by 2011. While these units are believed to be condos, there is still a possibility that the developer will instead make them rentals. If apartments are built, then a hotel might also be constructed on the site (an approved use according to Rockville officials). The Rockville Town Center project has gone through some morphing over the years, with Akridge being the original owner of the site and planning a tall 300-unit building that met opposition due to its height. In 2006, Akridge sold the site to Duball for $34.5 million.

2 comments:

Anonymous said...

Do you know what's going on with their project in Bethesda? I think the same group is behind the lions gate.

Ken on Feb 13, 2007, 9:23:00 AM said...

Lionsgate is now under construction, with completion scheduled for later this year. They've sold about a third of their units so far; they're big and expensive, all with one-bed & den or bigger, starting in the $500's.

 

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