Patriot Realty’s Portico project in downtown Silver Spring – since rebranded as the Portico at Silver Spring Metro – appears to be doing solid business in a housing market gone kaput. The AR Meyers and Associates-designed building at 1203 Fiddler Lane usurped what had been a long vacant parcel whose only claim to fame was being straddled by Cuban and Scottish (MacDonald’s) restaurants. Now, since opening its doors to the public on November 15th of last year, the 12-story building once planned as a condo is succeeding in its conversion to rental units.
According to the Portico leasing office, 82% of the building’s 151-units are now occupied. Of
course, that could be chalked up to the fact that they’re offering two months free rent to tenants (how’s that for an amenity), but could also have to do with timing. In the two years since Patriot broke ground on the Portico, other Silver Spring projects once pursuing similar timelines – 1050 Ripley, Midtown Silver Spring and the Transit Center Towers, to name a few – have seen their timelines extended ad infinitum as developers struggle to secure financing.
course, that could be chalked up to the fact that they’re offering two months free rent to tenants (how’s that for an amenity), but could also have to do with timing. In the two years since Patriot broke ground on the Portico, other Silver Spring projects once pursuing similar timelines – 1050 Ripley, Midtown Silver Spring and the Transit Center Towers, to name a few – have seen their timelines extended ad infinitum as developers struggle to secure financing.
That’s left a big hole in Silver Spring urbanista-friendly housing market that Patriot has seemingly filled with flourishes like in-house billiard and yoga rooms, a wireless internet lounge and a mini-theater that screens movies and sporting events. Plus it’s a block from the Metro – an advertising point so strong that the developer renamed the project after it.
Rents in the Portico are currently starting at $1550. Patriot Realty did not respond to DCmud’s inquiries concerning the project.
Silver Spring commercial real estate news
3 comments:
It's a shame that the Portico building that was actually built looks nothing like the rendering in your post. Virtually evey bit of architectural interest was removed (including balconies). What is there looks like a big ugly cinderblock box. How can MoCo allow the developer to cut everything out from his original plans? Also, the image you link to as "MidTown Silver Spring" is not correct. The building you show actually exists and it's an office building at the corner of Wayne Ave & GA ave.
At 1BR's starting from $2000, that probably makes the Portico the most expensive rental in Silver Spring. Two months off makes the effective rate a bit more typical with what's around here...but I'd bet when those one year leases are up, many will be out.
The Portico building is an architectural abortion. There is a rumor that these land rapists are going to build this crap in Wheaton on Georgia Avenue. Someone should stop the hideousness!
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