Tuesday, March 10, 2009

Bethesda's First New Apartments of 2009

While a number of large projects in downtown Bethesda failed lay brick one during 2008 (Trillium, Edgemoor, 4823 Rugby Avenue, The Monty, 4913 Hampden Lane), smaller projects are making it to the finish line sans marketing blitz and loan defaults. Such is the case with the Jaffe Group’s new apartment building at 7809 Woodmont Avenue – right next to such familiar locales as the Tastee Diner and Veterans’ Park. But, hey, financing is easy when your development partner is a bank.

The 12,000 square foot project will add not only three new rental apartments to one of Bethesda’s most trafficked thoroughfares, but an expanded Eagle Bank location as well. As Gary Jaffe, principal of the Jaffe Group, tells DCmud: “The building is four-stories and a basement. On the first floor is Eagle Bank with a drive-thru. The second floor is for the Chairman of Eagle Bank. Then we have two one-bedrooms on the third and a bedroom and den on the third with a large rooftop patio.”

Coming in at a cost of $6.5 million, each of the project’s three residential units will measure in “just shy” of 1,000 square feet and feature the design work the Bethesda-based architectural firm, Michael Fanshel Associates, plus all the requisite modern amenities (plenty of stainless steel). And completion is now just weeks away.

“We’re hoping [to end construction] in about three weeks on April 4th or 5th,” said Jaffe. “We plan to be completed and have our construction done, but the bank will probably still be doing some outfitting on their space. We’ll be ready to lease in mid-April.”



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