Tuesday, July 03, 2007

For Sale - Silver Spring's The Blairs

Interested in some property? OK – how about a lot of property, namely a large chunk of south Silver Spring residential and commercial property? Anyone with passing familiarity with Silver Spring is well aware of The Blairs, the massive mixed-use residential, retail and office complex located just south of East-West Highway (and the Silver Spring metro) and north of the DC line, bordered on the east and west by Colesville and Blair Mill Roads. Well, this past week property owner The Towers Cos. placed a “For Sale” in the window, the first time the complete 26-acre property has been put on the market since it was first developed in the 1960s. In total, The Blairs consists of 1,397 rental units spread between three hi-rises, garden apartments, and townhouses, 83,154 sf of retail space (including the Giant supermarket, CVS, and other stores in the shopping strip), and 69,517 sf of office space.

While the complex could simply change hands with residents not even noticing the switch (except for maybe a rent bump), it is interesting to note that the Cassidy & Pinkard sales flier indicates that the property could easily be expanded, stating that new development capacity could include 1,403 additional apartments, and 297,329 sf of new commercial space. Such expansion would certainly add a wrinkle to the already-significant level of development happening at this corner of East-West Highway and Blair Mill Road. Just east across Blair Mill is the still-selling, 151-unit Mica condo conversion, and rubbing shoulders with the Mica is the 96-unit The Argent project, which just broke ground last month at 1200 Blair Mill Road. Just northeast of The Blairs is the 247-unit 1200 East-West project, which broke ground in June, and across East-West Highway from this project is the 460-unit Silver Spring Gateway project. We might as well also go west and throw in the 1,020-unit Falkland North project at the corner of East-West Highway and 16th Street. The best investment of all, with this myriad development? One of those silvery Food Trucks that stops on the works sites twice a day to serve breakfast and lunch to the construction crews – now they will be doing brisk business for the next few years!


poo poo said...

i'm in the wrong business.

i gotta get one of those silvery food trucks to make some money, without having to buy real estate.

supporting development with cheap and easy foods is the way to go.

do you know how many workers they have on site?

forget 'porn real estate', it's all about 'porn real estate support' for those of us that can't buy huge swathes of land....

Ken on Jul 5, 2007, 9:15:00 AM said...

If it makes you feel any better, many large local developers started out with very small projects and consistently traded up, or spent time assembling large parcels through the purchase of smaller lots. It doesn't happen overnight, but it can be done.


DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template