After more than four years of seeking permits and zoning approvals, Bethesda- based real estate developer Triumph Development, LLC has decided not to complete their seven-story, 53-unit condominium project at Hampden Lane and Woodmont Avenue in Bethesda. The developers received approval for "4901 Hampden Lane" in February, at which time they posted an optimistic message of progress on their website.
The project profile read, "while the residential real estate market as a whole is a bit challenging right now, we are still extremely excited about this project . . . the design and the location are that good." Apparently not quite.
But an email today from Triumph's Development Director, Michael O'Connor, to those who had expressed interest in the real estate project read, "Triumph has made the decision not to pursue our condominium project at Hampden Lane and Woodmont Avenue in Bethesda. The four-plus years that Montgomery County approvals have taken combined with the slumping residential real estate market have finally taken their toll."
Totalling about 95,000 s.f. of development, the project was to offer units ranging in size from one to four bedrooms, and was designed by Shalom Baranes Associates. Situated ideally between Woodmont Row and the Bethesda Metro, Hampden Lane had been recognized by the Washington Smart Growth Alliance.