B.F. Saul will now head a team of developers charged with bringing a mixed-use project near the Wheaton Metro station to life. This is just another materialization of a well-established effort by WMATA and its Director of Real Estate Steven Goldin to promote increased density, mass-transit-directed residential, retail, and office space through the Metro's Joint Development Program. "Selection of the B.F. Saul team for the Wheaton redevelopment project mirrors the successful strategy Montgomery County employed with Silver Spring," Montgomery County Executive Isiah Leggett said. The parcel is part of 10 that were offered up as development opportunities just last January.
While Metro has successfully completed a total of 21 transit oriented development projects so far, including notable Maryland-based developments such as Bethesda Metro Center, Grosvenor, Twinbrook and Wheaton (east), others like Greenbelt Venture's plans around the Greenbelt stations have wallowed in the rubble of inaction for years; just this year plans set for the area surrounding the Largo station were put on hold after the group of developers filed for bankruptcy.
Wheaton was listed by Governor Martin O'Malley as one of the initial projects in a newly unveiled state Transit-Oriented Development (TOD) program, which will continue to encourage similar developments by bolstering them with funding, tax credits and other financial incentives and tools.
B.F. Saul will spearhead a team that includes Silver Spring-based Torti Gallas and Partners Inc. as lead design architect, as well as Rockville-based Loiederman Soltesz Associates Inc. as civil engineers, responsible for levelheadedly carrying out the architectural plans.
The Wheaton project will be the beneficiary of $200,000 in planning funds, compliments of the deep-pocketed Maryland Transportation Department.
Wheaton, Maryland real estate development news