StonebridgeCarras and Walton Street Capital have paid $29,250,000 to purchase the Trillium site in Bethesda. The Wisconsin Avenue site had hosted a hotel, demolished in 2007 to make way a the high-end condo project by Houston-based Patrinely Group, but the ill-timed development never broke ground.
Davis Carter Scott had designed 3 residential towers for the project with southward facing glass sheer walls, but Stonebridge says it will create "a new plan" for the site that will have to go through the Montgomery County approval process again, and will feature a retail component below the residential spaces that will now be rental apartments. StonebridgeCarras says it will have plans ready to submit this summer for the 1.6 acre site. The building will occupy the southern end of the block (see map) northern part of the block is owned by NIH.
Stonebridge founding principal Doug Firstenberg says the team is starting from scratch to build "over 300 rental units" above 50,000 s.f. of retail, but has not selected an architect for the project. "We expect entitlements to be about 2 years, we hope to break ground early 2013, and deliver by 2015" says Firstenberg. "Its a really great opportunity to do a mixed use site, you've got a gateway site, less than a half a mile from the red line Metro station, with the medical center adding several thousand new jobs. This could really anchor the redevelopment of Woodmont Triangle."
This is the third joint venture between affiliates of StonebridgeCarras and Walton Street, which included Constitution Square in Washington DC and 8000 Jones Branch Drive in Tyson’s Corner. The previous developer began sales of the condominiums, which ranged from $500,000 to $3,000,000, but never achieved enough sales to satisfy investor requirements to start construction.
Bethesda, Maryland real estate development news
6 comments:
"Empty block sells for $30 million." Uh, wow?
About time...it was looking kind of ghetto with the present fencing around the site (not a great impression to welcome people to Bethesda!)
believe it was purchased for 49 mil
49 mil previous go around
The hotel did good business and cheap drink in the lobby restaurant, but looked pretty bad. The empty lot is not much better. I will be happy to see the gateway to Bethesda improved. It will be a great place to live being walking distance to Bethesda, NIH, and their metro stops. Not going to be very fun to get to at rush hour if your in a car.
Actual purchase price for the land (and the demolished hotel) was actually $41 million:
http://www.allbusiness.com/operations/facilities-commercial-real-estate/4413313-1.html
Of course, Patrinely had a lot more in the deal than that by the time they bailed.
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