Washington Property Company purchased two plots on the area's major arteries: 10914 Georgia Avenue in Wheaton and 7100 Wisconsin Avenue in Bethesda with the intent of building two residential properties. That the company is now nearly ready for construction and is building apartments is not surprising, as financing for apartments becomes easier and apartment vacancy rates hit historic lows.
10914 Georgia Avenue is slated for a mid 2012 groundbreaking for a five-story, 221 unit multi-family residential building. The site, next to the Wheaton Metro station, is part of an 8-acre area that has been targeted by Montgomery County as part of a mixed-use revitalization of downtown. Revitalization will create 1,300 residential units and 600,000 square feet of retail between a Washington Metropolitan Transit Authority (WMATA ) site at Georgia Avenue and Viers Mill Road, County Parking Lot 13 across Reedie Drive, as well as the Washington Property Company purchase, among others. B.F. Saul has been chosen as the developer for the bulk of the project. "They're in the process of concept plans with WMATA," said Pete McGinnity, Business Development Manager in the Montgomery County Redevelopment Program. "This is a multi-phase plan that will roll out over the next several years."
Currently, the Washington Property Company site is home to the First Baptist Church of Wheaton, which has plans to move to a bigger lot at 3110 Emory Church Road in Olney, Maryland, after building a new church.
For the company's second act, now the site of an Exxon service station, there's time to wait until the design comes together. The Washington Property Company submitted preliminary plans late last year to build a nine story building of 96 residential units atop 3,000 s.f. of retail space.
"We're still assembling parcels and working on things," said Daryl South, Vice President of Development for WPC. Though the developer is not ready to disclose formal plans for the space, they say plans will come this fall.
The developer recently broke ground in the formerly shunned Ripley District of Silver Spring, with plans to build a sixteen-story, 306,000 s.f. building with 286 rental units at 1150 Ripley Street, the first major construction project in the neighborhood in twenty years.
Bethesda, Maryland real estate development news