Thursday, April 16, 2009

Argent Resurrects Condos in Silver Spring

A lot can change in two years. But since beginning construction in 2007 at 1200 Blair Mill Road in Silver Spring, Perseus Realty, LLC’s plan for the building nearing completion at the site, The Argent, seems to be much the same as it was pre-economic doldrums. Representatives of the developer have told DCmud that the project will “definitively be condos” – a first (and perhaps last) for metro area development in 2009.

The $37 million, JSA Inc.-designed building will boast 96 units - ranging from 600 square foot efficiencies to 1,430 square foot two-bedrooms – on nine stories. Part and parcel with the Argent’s "urban oasis" atmosphere are amenities including art deco flourishes, nine-foot ceilings, an “elegant rooftop patio,” a front desk receptionist and a 4,200 square foot public park on the grounds, featuring landscaping by Mahan Rykiel Associates and a sculpture from local artist Mary Ann E. Mears.

“We’re planning to open with decorated models by the end of May. There’s not a certain date, but that’s what we’re shooting for,” said Barbara Causey of the Mayhood Company.

The Argent and its development team are apparently not brushing off the state of the market entirely; initially priced in the $400,000s before construction, Causey says that Perseus is currently reevaluating their asking price for a piece of the development, and "expects [final prices] in three to four weeks."

In the meantime, Clark Construction is working diligently at the site in order to have the building up and running in time for what is sure to be a (not so) brisk summer sales season.

Silver Spring real estate development news


massysett on Apr 16, 2009, 2:25:00 PM said...

$400,000 condo in Silver Spring. What a joke. You'd have hard time selling that in downtown DC. You can get a single family home in that area for $400,000, and avoid condo dues. These developers were nuts. I wonder when they will start going bust.

vahoya said...

Perseus is not to be trusted. Reference the below washington post article:

Anonymous said...

400k isn't a joke. Condos in the Silverton, 8045, and Mica all have units that have recently sold for that amount and then some. At least this is a new building, unlike the Mica that is calling itself a 3 year old building that just happens to be 40 years old.

Unknown on May 9, 2009, 9:18:00 AM said...

You need to wake up... many people own condos $400k and up in this neighborhood! It's a great place to live and near everything (downtown SS, AFI, Metro, easy DC access)...
BTW, you can't get a house for $400k in this area unless it's crumbling.
I live at The Silverton and I'm thrilled to have new neighbors. Have you been here lately? It's a very hip neighborhood

Anonymous said...

Actually, massysett was not so nuts.

The whole building is still sitting empty. I don't even think they have office hours/showings anymore. The doors are chained shut.

Anonymous said...

above comment posted 3/14/10

Anonymous said...

Yeah, I have no idea what happened to this's an exceptional new build and the area still sells plenty fast....How can a $97 mil building just sit still in one of the hottest zipcodes inside the beltway?? DCMud research would be REALLY appreciated!

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