The County estimates that space would have the capacity for 120 units in 120,000 s.f. In return for a 99-year lease on the space, the County requires any developer to provide 30% of units at moderately priced levels, 30% as workforce housing and 40% as market rate units. The project would need to provide some on-site parking, but the County is encouraging creativity to minimize the need for parking, such as shared parking and flex car programs. The County also asks that the developer provide space for ground floor retail in the new building.
A few little hiccups make the site a little more complicated than most. First, the housing project cannot be built prior to the construction of the new library and any plans have to be coordinated with the library developer. Officials expect work to begin on the library site in mid 2010, though library construction will not start until officials have reached agreement on final design for the building, including how to incorporate the Purple Line, station and all, into the site. Second, some of the right-of-way for the proposed Purple line traverses the housing site as well, so any developer would need to work with the Maryland Transit Authority to make sure any development does not interfere with any potential future transit facility.
So if all that doesn't put a dent in your interest, submissions are due March 26, 2010 at 2 PM, a short list will be announced in April 2010, with follow-up details required by late May 2010.
Silver Spring real estate development news