Archstone broke ground on their "Westchester at Olde Towne" project. The mixed-use development will replace several old buildings with a 389-unit (194 one-bedrooms and 195 two-bedrooms), transit-oriented apartment community, rising four stories, spanning 6.49 acres, and featuring 15,000 s.f. of ground-floor, street-front retail. The architectural design is courtesy of the Preston Partnership, and takes its cues from historic Gaithersburg structures like the old Gaithersburg School and the Thomas Cannery building.
Neil Brown, Archstone’s chief development officer, in a press release. "We are excited to begin construction on another landmark project that we believe will create significant long-term value for the City of Gaithersburg, for our future residents and for our shareholders," he added. The commencement of construction was largely made possible by a recently finalized $89.9 million FHA insured Section 221(d)4 loan through CWCapital.
Gaithersburg, MD Real Estate Development News