Tuesday, June 19, 2007
The developer of the aborted Centex project, the Pavilions at Takoma, has begun excavation on the site to carry the project forward, now as an apartment complex. Atlanta-based Gables Residential, which owns numerous apartment buildings throughout the DC area and has substantial assets throughout the Southeastern U.S., demolished the existing structures after it purchased the land from Centex in January of this year, and has begun underpinning to make way for the new building. Gables will go forward with the same Eric Colbert-designed project originally planned by Centex, with 144 units, 180 underground parking spaces, and street-facing courtyard two blocks from the Takoma Park Metro Station, but will develop the property as rental apartments instead of condos. Centex began selling the project as condominiums in the Fall of 2006 before selling the development outright, but sales for the project were reportedly slower than anticipated, one of several Centex projects locally that began marketing but never got out of the ground. Gables expects the project to complete in the first quarter of 2009.