ProMark Real Estate Services says even the first nibble of action is "very exciting." The project involves a unique partnership of three local property owners (Jack Fitzgerald, Lake Waverly, and JWW) who've joined forces in the planning process in order to maximize entitlements and enable the transfer zoning rights amongst their separate parcels. As the plans stands, roughly 11 acres of office buildings and surface parking lots will be redeveloped into nearly two million s.f. of retail, residential, and office space in compliance with the White Flint Sector Plan.
is a rather new requirement in the Montgomery County Planning process that further drags out the frustration of developers, but extends the tantalizing spectatorship of real estate development junkies. Goldfarb explained it as literally the "very first step in a several year process." Although the Sketch Plan only offers a basic understanding of the overall development concept, with many details likely to change, it also provides an interesting chance to witness a development project slowly transform from a zygotic aerial diagram (this one drawn by architects at WDG) to full-grown actuality (one hopes). Upon completion of the first two phases of North Bethesda Gateway, developers intend to deliver three office buildings, a hotel, extensive ground-floor neighborhood retail options, and a variety of rental and condominium housing opportunities situated in three distinct multifamily buildings. Developers seek to create a pedestrian friendly atmosphere with this redevelopment; by including several large public plazas in their plans, streetscape improvements, and extensive landscaping, the project will provide a walkable transition from the White Flint Metro to White Flint Mall.
Given that the development site is adjacent to the White Flint Mall, White Flint Plaza shopping center, and less than a quarter mile from the White Flint Metro, as well as bounded by Rockville Pike with the North Bethesda Marketplace just across to the West, developers believe they have the epitome of a transit-oriented urban infill project in the works. The development, though still in the embryonic stages, joins a wealth of activity in the area's development pipeline. JBG's North Bethesda Phase II, and Federal Realty's Mid Pike Plaza are in line on the train of development that Goldfarb insists will eventually make White Flint "the economic engine of Montgomery County." Chew on that Bethesda.
Montgomery County, MD Real Estate Development News