Friday, February 09, 2007

Progress in Pointe at Cheverly

Cheverly, Maryland will soon host the Pointe at Cheverly, a new condo project expected to break ground in the fall. This two-building, 244-unit project, developed by DC-Based Republic Land Development, LLC and Maryland-Based Stepping Stones Development, LLC will offer a pair of four-story buildings built over a two to three level-parking garage with room for upwards of 300 vehicles, built as a gated community. Known for their large-scale mixed-use projects including residential development of the Washington Harbour in Georgetown and Market Square at 701 Pennsylvania Ave, Republic’s development will combine five separate plots of land, totaling 3.34 acres, and replace a one and a half story office building and several empty lots. Designed by Morris and Ritchie Associates, the site will include open space for a swimming pool, courtyards, and a sundeck. Cecil Brown, the Project Architect at Morris and Ritchie, said of the first project of its size to be built in the area, “We wanted to bring a contemporary if not modern feel to the community. We wanted to sort of change the design process in that area.” According to Stacy Hornstein, Republic’s Director of Development, building on the southwest corner of 57th and Annapolis road will begin after the purchase contract with Prince George’s County Redevelopment Authority is completed in the fall; the team is currently in the process of filing for permits. The Cheverly Newsletter reported in October that the average estimated selling price for the units was about $350,000. The project's estimated completion is mid 2009, but sales are expected to begin in May. According to Ken Stuart, Deputy Director of Capital Markets for PGRA, the Prince George’s County Redevelopment Authority will work with the developer to provide below market interest rates to buyers.


Evan on Jun 7, 2009, 5:28:00 PM said...

Very dead, looks like it was financed by countrywide...

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