Friday, August 17, 2007

Portico Condo Springs to Life


With excavation mostly complete, construction is getting ready to begin on the Portico, a new condominium in the center of Silver Spring. The 151-unit building had long been planned for the vacant lot on Fidler Lane, between Cubano's restaurant and McDonald's, but was halted when neighbors in an adjacent new development complained (typical) about the density and parking. The Patriot Group purchased in the land in 2003, anticipating starting prices to be around $200k, but the controversy slowed the project and the developer eventually agreed to sell the pre-construction plans to Centex. Centex in turn pulled the plug on most of its urban projects, including the Portico, as well as Scene (Arlington), 1200 East-West Highway (Silver Spring), Pavilions at Huntington Metro (Alexandria), and Pavilions at Takoma Metro (DC).

The project has been approved by the county and excavation is now underway, the Patriot Group anticipates completion in late 2009. Located just a short walk to the Metro in Silver Spring's central business district, the new condo is being designed by Silver Spring-based AR Meyers & Associates as entirely residential, no retail, which the developer states is prohibited by zoning code.

2 comments:

poo poo said...

anyone else notice the resugence of condos? a lot of off and on projects that went from condos to rentals, are slowly but surely coming back into the arena as condos.

or is it just me being overly optimistic?

Ken on Aug 21, 2007, 10:49:00 AM said...

You are just being optimistic. Note the article we posted in June (http://dcmud.blogspot.com/2007/06/dc-condo-growth-to-slow.html) noting the reluctance of lenders to finance condos, and of the developers to build during a down market. The Washington Post, in one of their only stories of the past 5 years that didn't say that housing was overbuilt, came to the same conclusion: that conversion and lack of new projects has led to a dwindling supply of condos.

Add the population growth of DC and you get rising demand, shrinking supply. There are lots of projects in the offing, but many listed on DCRealEstate.com are 3 or more years in the future.

 

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