Monday, April 30, 2012

New Wheaton Site for Mixed-Use Residential


The Washington Metro Area Transit Authority (WMATA) is offering another parcel for development in Wheaton, this one zoned for a potentially large residential and retail development.

The closed-bid offering posted last week for a 3.83-acre vacant lot at 11507 Georgia Avenue in the Wheaton Central Business District. The new space is in addition to two other parcels previously offered up for development.
Map of lot for sale and neighboring area. Source: WMATA website

Jonathan Walk, an associate with Jones Lang LaSalle Americas Inc. working with WMATA to facilitate the transaction, said the group realized it could sell the vacant lot while pushing for development of a nearby site.

"This is something where they know they don’t need this land -- they’ll never need this land," Walk said.

Montgomery County recently up-zoned the lot with the Wheaton CBD and Vicinity Sector Plan. The new CR zoning allows up to 250 apartments and 80,000 s.f. of retail. WMATA will retain an underground easement and a small piece of the southwest corner of the lot. Initial bids are due June 15.

This deal could be easier than some, Walk said, because it involves a fee simple transfer instead of a ground lease or joint development effort.

WMATA has been selling land for redevelopment like the JBG Companies development planned for Florida Avenue and the Monument and Akridge developments at Half and M streets.

At the same time WMATA hopes to acquire a much bigger parcel, the transit authority is searching for 7 to 10 acres in the District for bus garages.

Wheaton, Maryland, real estate development news

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