Wednesday, March 16, 2011

8021 Georgia Ave. to House Apartments by Priderock Capital Partners and DLJ Real Estate

Last week, Priderock Capital Partners LLC and DLJ Real Estate Capital Partners officially broke ground on apartments at 8021 Georgia Avenue in Silver Spring, a nine-story complex that will offer 210 units and two levels of underground parking. The complex will be comprised of two older buildings already on the property and a new one that broke ground on the 1.88 acre site last week.

Building will unfold in two phases: new construction, followed by building rehabilitation of the remaining structures. During the first phase of building, as the new structures are built, the older buildings will be cleaned of asbestos and brought up to code. BEK Construction Management Group has been awarded construction for the project and The Preston Partnership will helm design.

"This complex will be a place where middle class, working people can live without having to own," said George Banks, co-founder of Priderock. "That's the only difference between these apartments and condos." The complex will offer a gym with simulated golf, massage area, concierge, swimming pool, and secured parking. 13% of the units are slated as affordable housing, in compliance with city code, said Banks.

"We're trying to put quality housing stock back into the city by offering a nice place to live," he said. "We want to get these buildings back on the tax roll for the city." Banks expects for a grand opening date of October or November of 2012.

Priderock and DLJ Real Estate Capital Partners have contracts to buy at least three other properties on which to develop housing around the city. Banks has asked to withhold revealing the exact locations until after the close.

Washington, D.C. Real Estate


Anonymous said...

Couldn't happen to a more deserving piece of real estate.

Critically Urban on Mar 17, 2011, 1:42:00 PM said...

It's fantastic that this project is finally moving forward, but why does he keep referencing the "city code" and affordable housing in the "city"? Silver Spring is a city, yes, but the County is the authority here.

Anonymous said...

Let's hope that Silver Spring remains to be a city without being incorporated as such. Who wants to pay for maintaining but another governmental body? Our taxes are high enough already.

Anonymous said...

8021 Georgia Avenue with its gold brick and green Mediterranean tile roofs was designed (and built) in 1927 by leading architect Arthur Heaton, first supervising architect of the Washington National Cathedral,architect of the first National Geographic limestone structures at 16th Street and Rhode Island Ave, Wash., D.C., and many other treasures! Silver Spring, Md., is fortunate to have architectural gems that tell our vibrant stories!

Anonymous said...

Super excited at the site's reuse! It's a BEAUTIFUL building and I'm glad they're bringing it back to life and then some. Now if only we could get one of these insane number of apartment buildings to go condo instead!

Anonymous said...

The number of wins downtown Silver Spring is racking up is pretty insane.

Anonymous said...

Oh yeah, Silver Spring is on a tear with many projects under construction (or about to break ground):
1. 1050 Ripley St: 318 units
2. Ripley St. North: 385 units
3. The Ellsworth: 222 units
4. 8021 Georgia: 210 units
5. Galaxy: 195 units
6. Silver Spring Park: 58 units & hotel
6. New library
7. The Fillmore
9. United Therapeutics phase 3

Bring on the new residents, foot traffic and the businesses/services/restaurants they will support!

If the state of MD is able to secure funding for the Purple Line then this place is gonna explode as an even more serious transit hub

Anonymous said...

You forgot the transit center, but I don't blame you - what an insane number of projects going on at the same time! I would never think that DTSS could progress more this decade than it did last, but it might just happen. Especially, as you said, if the Purple Line gets off the drawing board.

Anonymous said...

DOH! How could I forget the transit center, the big daddy project of them all. I hope we don't have to wait too long after it's completion to see some of the proposed towers go up around it.

Anonymous said...

I can't say more apartments is a super exciting prospect, but I suppose more feet on the street is always nice (I live a block away), and the abandoned buildings had really become an awful, deteriorating eyesore.

Any street level retail going in? A girl can dream, huh?

Brandon Green on Apr 7, 2011, 11:39:00 AM said...

Good grief, more apartments? Has anybody noticed we need more condos in this city besides me?

Anonymous said...

Ripley street north probably won't start any time soon (because of the lovely housing market) and neither will some of those other projects listed in the 9 project list. Exciting? Well yes, if they were all actually happening. It'll be 2 or 3 years I bet before something like Ripley North takes place....

Anonymous said...

The rumor is Ripley Street North may be breaking ground mid to late September.

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