Whistle Stop Design

Q and A with Sabine Roy of SR/A Interior Architecture and Design
by Beth Herman

With preserving and repurposing historic buildings at the top of their dance card, SR/A Interior Architecture and Design embarked on a challenge to transform an abandoned turn-of-the-century freight train depot into high-end public spaces for a residential development: The Apartments at Cobblestone Square, 627 Cobblestone Blvd., Fredericksburg, Va.  DCMud spoke with SR/A Principal Sabine Roy about the 10,000 s.f. redesign.

DCMud: What elements about this building struck you?

Roy: The building was this magnificent long solid brick structure with amazing 5- or 6-inch solid maple flooring. It was in bad condition; the roof was caving in. We fell in love with it when we saw it!

DCMud: How did it come to its new life?

Roy: It found itself in the middle of a development of new residential buildings, originally by K. Hovnanian Homes and slated for a condominium venture, and then sold to Home Properties as apartments. It was put in a drawer for a couple of years due to the economy but taken out again with all of its possibilities.

DCMud: Old structures often come with challenges and caveats. How did you decide what to keep and what to jettison?

Roy: We wanted to keep as much of the building's history as possible. We kept the solid brick walls and I fought to keep the flooring. You don’t see 5- or 6-inch solid maple anymore. Another battle was to save the ceiling as it was made of cedar and had no insulation. Because of its (historical fabric), we had the insulation and all the re-roofing done from the exterior to save the cedar. Usually these things are sandblasted, or high-power washed, or blasted with an equally abrasive material, but walnut shell is among the softest and used in restoration—it doesn’t attack the wood; just the coating. Once it was cleaned this way it was absolutely splendid.

DCMud: What was the thinking behind the redesign, which appears to be a real juxtaposition of history and today.

Roy: There was so much history in the building conserving the brick, the flooring, ceiling and trusses that we could go the other way and bring in modern techniques, materials, furniture and finishes to the design. The contrast between the historical building and new materials is an interesting, warm, comfortable treatment. I’m French and it’s something you see a lot in Paris, where you have all these old buildings and units with crowns and trims and pretty parquets. The best way to showcase an antique is to put something modern in it. It was the same thinking behind what we did at Foundry Lofts.

DCMud: How did you arrive at the color palette you chose, which in many ways emulates nature.

Roy: The building already had a lot of red because of the brick, so we didn’t want to do anything too urban so we went a little more traditional with warm greens, pale yellows and golds—as in the ceiling. Instead of red we did a deep purple. The colors were simple and ‘forest-y’ in keeping with the Fredericksburg environment. We had the thick maple flooring to warm it up.

DCMud: What about ambient and/or task lighting in such a vast space?

Roy: We used uplights on the 30-foot ceilings and on the trusses so you could see the height of the ceiling—the volume of the room and the beauty of the existing materials. We dropped some LED’s from the height of the trusses in the common areas. In the fitness center we dropped the lights. It was a matter of pinpoint lighting. There’s a fireplace. Even though the light is not awfully strong or bright in the club room, you really feel the space. Adding floor lamps and table lamps and partial LED’s here and there, you have enough lighting so you can see what you’re doing or where you’re walking but you are not aware of the light. It’s just a warm space.

DCMud: Speaking of warm spaces, if you could choose one area of the District that felt like home to you, what would it be?

Roy: I really like Southeast Waterfront. The park they’ve built is wonderful, and it’s where Foundry Lofts is located. But if I had to move (from Maryland), it would be to the upper part of Georgetown. It’s the European in me: I like those little houses and being able to walk to places. The old world in me is still alive.

Falkland Apartments Plan Up for Review, Again

Today, Home Properties of New York, owner of the Falkand Apartments, finds itself once again before the Montgomery County Planning Department concerning the site plan for a multi-building, mixed-use development at the northeast quadrant of the intersection of 16th Street and East-West Highway near the Silver Spring CBD. The 9.7-acre site, split into three parcels, is within walking distance of the Silver Spring Metro and the MARC station.

In 1985, the area was denied eligibility for the designation in the Master Plan for Historic Preservation, but in 2007 all three parcels were found eligible and the Board “directed the Planning staff to initiate an amendment to that Master Plan,” according to the MCPD report on today’s hearing to approve the site plan. In 2008, the south and west parcels were added to the plan, but the north parcel was added to the Locational Atlas, which was created in 1976 and identifies potential historic sites.

That particular restriction called for the removal of the north parcel from the Atlas upon approval of the site plan.

"Faced with the challenge of weighing the benefits of historic preservation with those related to other planning objectives, the Board found that greater public benefit would be achieved through the redevelopment of the north parcel than by the parcel's designation in the Master Plan," according to the Staff report.

Being part of the Master Plan comes with eligibility for financial incentives for qualified rehabilitation and maintenance projects as well as certain protections.

The designation led Home Properties to revise their development plan and follow a few provisions, including 4.72 percent of the dwelling units to be subject to the County’s Workforce housing law for 20 years and the same amount provided for off-site Workforce housing.  Home Properties must beautify the stream on the South parcel, and all buildings must be rated LEED-Silver.

The proposed plan is for a 1.2 million s.f., mixed-use development that includes 70,000 s.f. of retail and 1,250 townhouse units with 12.5 percent MPDUs and 4.73 percent Workforce Housing units.

The project consists of four buildings, oriented to a perimeter public street or a proposed private internal street. The buildings on the East-West Highway include ground-floor retail.

The proposed development provides 65,091 s.f. of public use space, 20 percent of the lot area. This includes a public plaza, garden and pedestrian area.

Staff recommends approval of the proposed plan today.

Maryland real estate and development news

Today in Pictures - Ripley District

Once a forlorn street with only ramshackle buildings better for disposing of cars than for strolling, despite its location in downtown Silver Spring and proximity to the Metro, Ripley Street is on its way to birthing two residential developments. The first, by Washington Property Company and Lessard Design, will feature 295 rental units (9 live-work replaced what was to be a retail space) inside a 17-story structure, with a "resort-style" pool at 1150 Ripley Street. WPC broke ground in September of 2009 and will now deliver the first units the 1st week of May. Work is expected to continue through August.

The second site, by Home Properties, will deliver a Shalom Baranes designed residential tower late next year. Eleven55 Ripley, originally conceived as Midtown Silver Spring, will offer 379 "premier apartments" in a 20-story building and adjacent 5-story building, adding a small pocket park as a public amenity.



Silver Spring real estate development news

Alexandria, Private Developers Tout Ambitious Beauregard Corridor Revitalization Plans

Alexandria city officials and their private-sector partners have spent February on a virtual barnstorming tour, touting their plan to revitalize the Beauregard Corridor in Alexandria. The thirty-year plan calls for the 440-acre, seven-neighborhood area to undergo a dramatic increase in density (from 5.5 to 12.5 million square feet, including 703 new dwellings) while preserving and enhancing its unique topographical and green features. The remaking of the corridor is a joint venture between the city and the Beauregard Corridor Developer Stakeholders, a group whose membership includes local developer The JBG Companies, Duke Realty, Hekemian & Co., Home Properties and Southern Towers.

Big picture, the Beauregard Small Area Plan seeks to do what nearly all present-day redevelopment does - reverse the missteps of the past. Surface parking becomes public green spaces, sprawl becomes density, and auto-centric planning gives way to pedestrians, bikes, and mass transit. Planners envision the area transforming into a “garden city,” citing Roland Park in Baltimore as a model, with curving streets, courtyards, front yards, and greenways, all of it roughly bisected by the newly landscaped North Beauregard Street.

Planners also recommend the strict definition of seven distinct neighborhoods – Greenway, Garden District, Town Center, Southern Towers, Adams, Upland Park, Seminary Overlook – each with a central park. Developers have already claimed their neighborhoods; JBG (whose parcel looks to be at least as large as the other four parcels put together) has staked out almost the entire western half of the corridor (Greenway, Garden District, and Town Center. Hey, at least they didn't go with “JBGTown.”) Directly adjacent to the east is the oblong Duke Realty parcel (Adams), and along the east side, from top to bottom, are the more moderately-sized parcels of Hekemian (Upland) , Southern Towers, (Southern Towers) and Home Properties (Seminary Overlook), respectively. The logic behind the demarcation of the neighborhoods - which at present range from low to medium density - isn't entirely clear. The developers do own property within the borders of their designated neighborhoods - JBG, for example, already owns the Shops at Mark Center, as well as various apartment buildings along North Beauregard, and Home Properties owns apartments in Seminary Hill - but it's unclear how the apportioning was done (and by whom?), how binding it is, and how many of the purchases predated the mapping process.

It's still early for details about specific businesses, and representatives at recent meetings were vague or simply had nothing to report. However, planners have included three retail nodes in their plans – one in the west, in Town Center, and two in the east, in Upland and Southern Towers. These will be coveted locations for businesses – though Landmark Mall is close by, slightly to the southeast.

In exchange for access to development opportunities in the Corridor, the conglomerate has agreed to contribute just under $150 million towards a new fire station, road improvements, green public spaces, and affordable housing. The public reaction has not, however, been unanimously positive. On the public comment page the city set up, many citizens pointed out that the "townhome" style housing options would price out many of the current tenants. Others questioned the urgency behind the rollout, and wondered if it was a veiled effort by the city to raise density in the area to make up for lost tax revenues from the massive DOD facility at the Mark Center. Some questioned whether the proposed degree of density could be supported without a Metro stop (which isn't forthcoming), while still others objected on aesthetic grounds, calling it a "stepford wives" community.

The city replied by citing the surrounding areas and their projected development figures – Landmark/Van Dorn to the south plans 12 million square feet(!), Bailey's Crossroads to the north will get 5.5 million square feet - which, they say, will drastically alter

transportation and development patterns in the area, isolating and undermining Beauregard if it doesn't follow suit. Whether this is a real worry or the municipal equivalent to “keeping up with the neighbors” remains to be seen. That being said, the plan as it stands does look to be a clear improvement on the present state of the area.

If you have an opinion you'd like to share with the city or with developers, the next community meeting is on March 6. You can also weigh in online, on the citizen comment board.

Falkland Chase Apartments, Chasing a Plan for Silver Spring

One of Silver Spring's largest and most ambitious real estate projects is ramping up for development next year. Though the urban planning vision is not yet complete, developers of Falkland Chase hope to submit a site plan to Montgomery County early this summer for a project that would greatly expand the densified downtown section of Silver Spring, adding high rises, 1250 apartments, a supermarket and retail to East-West highway one block from the Silver Spring Metro.

Michael Eastwood of Home Properties says the development team has not yet signed an anchor tenant but intends to serve up a final site plan to the county "by June or July." The county approved the preliminary plan last November, and Home has been working on tweaking the design that will develop the North Parcel, turning 182 garden apartments into 1250 new apartments in 4 new buildings along the Metro track and soon to be Purple Line. The new residential towers will rise up to 14 stories along the tracks and 6-8 stories along East-West highway, denser but "more sensitive to the neighboring community."

With financing for the property still not locked down, Home Properties has been seeking a full service grocer to help tether a financing partner, courting Harris Teeter since 2005, but still without an agreement. "We are trying to chase them down" says Eastwood, who notes that his team also has the capability of going it alone in a pinch. "We're a REIT so we could do it on our own and will be building in phases."

The northern boundary faces the Metro tracks and is the "locally preferred alternative" for the Purple Line. The property features a 40 foot right of way that could serve as a light rail pass-through (the site is only one block from the station so there will be no stop incorporated), as well as a bike path right of way. Design of the project is still preliminary, and while Nelson Byrd Woltz has been selected as the landscape architect for the project, actual design has not yet been achieved.
Home Properties acquired the land in 2003 and began planning for a quick turnaround, submitting to the county in 2006. Plans were "cued up and ready to go" says Eastwood, but market fundamentals sabotaged early plans. Locals then began a campaign to declare the property - inaugurated in 1937 by Eleanor Roosevelt when the New Deal was expanding, as now, the size of government and the area's population - as historic, an ultimately successful bid that changed the scope of the plans. With many of the apartments protected, Home Properties then doubled down on the northern section switched the architect from Grimm + Parker to Shalom Baranes, increasing the number of units while connecting them better to the street. "It really took from fall of 2007 to spring of 2009 to get the two south parcels on the charts for historic preservation, and get the north to come off the locational atlas" said Eastwood. The residential towers originally conceived would have encircled a private courtyard, the new design adds a street through the center, with street-oriented buildings. "Its a more urban design than what we had originally."

Eastwood says the projects will "definitely be" rental units. Retail - about 10,000 s.f. in addition to the supermarket - will front East-West, aided by a new traffic signal.

Silver Spring, Maryland real estate development news

Falkland Chase To Begin Review Process

Home Properties is set to unveil their Falkland Chase redevelopment plans later this fall. The proposed development site is 9.7 acres of land at the northeast corner of 16th Street and East-West Highway in Silver Spring. The recently revised plans call for the currently standing 180 garden apartments to be demolished in order to make way for an urban infill, multi-building complex totaling some 1,250 rental apartments upon completion. The developers had first proposed stacking over 1,000 units into a single high rise, but smartened up when they realized such a large building would not go over well with the surrounding community. Last week the Montgomery County Planning Board approved a 60 day extension of the Project Plan Review phase, meaning developers will now present their plans to the Board on October 13th. In the works since 2006, just last year the developers caved to pressure from local preservationists and designated two parcels of the Falkland Chase Apartments complex as historic. But that hasn't stopped the developers from moving forward with their massive redevelopment of the northern portion of the property.

Master-planning was done by Shalom Baranes Architects. Four separate buildings (two of which rise 12 or 13 stories), connected by pedestrian pathways, will surround pockets of green space and landscaped courtyards featuring a swimming pool, pond, and water fountain. Nelson Byrd Woltz shouldered the landscape design work. Over 150 units will be designated as moderately priced, serving those making 50-65% AMI, while at least another 59 will be reserved as workforce housing. Also divided amongst the four buildings is the proposed 70,000 s.f. of retail space, with the 20,000 s.f. anchor space set to become a major grocery store. Although nothing is official, Home Properties expects to wrap up negotiations to bring Harris Teeter to the development shortly. The other retail venues will likely feature a mix of restaurants, dry cleaners, and convenience stores. A four story (half below grade, half above) 1,600-space garage will satisfy the parking needs of future residents and shoppers.

Sustainability will be a major factor given the project's proximity to the fragile Rock Creek watershed. Developers have committed to earning at least a LEED Silver Certification, and have promised to recycle as much of the construction waste as humanly possible. Several green roofs, rain gardens, and infiltration beds and cisterns will assist in collecting and processing storm runoff.

The review process is bound to shed light on some public criticism, as at least a few neighbors will be upset with the scope of the project. Developers are pushing to the ceiling on all the zoning specifications, proposing the maximum 3.0 FAR, 166 units per acre, and 143 feet in building height.

Detailed architectural renderings have not been released, although designers describe their material palate as consisting of the usual brick masonry, metal, cast stone and glass. The contemporary facades will also feature a variety of balconies, bays and exterior spaces.

Silver Spring, MD Real Estate Development News

Ripley Street North: Changing, Slowly

After changing the project name, project architect and project design, Home Properties' Ripley Street North mixed-use development, which originally received County approval in September 2008 as Kettler's Midtown Silver Spring, will appear before the Montgomery County Planning Board this week. The developers of the modified Silver Spring residential project, designed by Shalom Baranes Architects, have been working with County staff on the design since submitting new plans in January. What had been a single, mixed-use building in the Ripley District will now become two buildings, though the total density rating magically stays the same at 5.0 FAR. The review this week could put the project team on schedule to finalize the design plans, apply for permits and to potentially begin construction within a year's time, though that would be a record turnaround in this climate.

The new plan will increase the number of residential units from 314 to 385, divided between two buildings. The larger building, 1155 Ripley Street, will ascend 200 ft. and have "townhouses and residential flats wrapping a parking garage at the lower level." A respectable 20-story residential tower will rise above, according to a staff report on the project. The smaller 80 ft. building at 1015 Ripley Street will offer a mix of uses, with loft-style residential units over approximately 5,500 s.f. of ground floor retail. The plan replaces the plan for a 19-story tower designed by WDG Architecture that, at least from initial renderings, appears more inspirational than the old design.

The changes also consolidate public space from two areas, one each on the eastern and western sides of the building, to one area on the western edge, reducing the public portion of the lot to 11,000 s.f. County staff seem to think the consolidation does a world of good in making a more active public area, describing the space along Ripley Street as an "urban meadow." A public art piece themed on Rachel Carson has been "repurposed" to the new public space design.

Donald Hague, Senior VP of Rochester NY-based Home Properties and formerly a senior executive of KSI, Inc. (now Kettler), is happy with the changes. Hague claims the design now has more efficiencies and cuts down on some of the logistical headaches created by the previous design. Namely, moving the retail into another building would allow better access for service trucks and trash removal than having retail in the base of the tower. Additionally, the original plan would have had below-grade parking that extended beneath the public right-of-way on Dixon Avenue. Now, the parking is entirely within the confines of the larger tower structure both below and above grade. The above grade parking is "screened from the public" by the townhouse residential units, explained Hague. Planning staff went so far as to describe removing the spaces under Dixon as a public benefit in its own right.

Hague excitedly described the new, smaller building as having a "very cool" design, meant to look "like an old industrial building" with its "long and narrow" loft-style units. Each of the units in the four floors of lofts will have 11 or 12 ft. ceilings, and offer a "unique product" in the Silver Spring Market, added Hague. All residential units will be rentals, a minimum of 12.5% of units will be set aside for low-income housing. As for the retail space, Hague admitted there is no shortage of space in Silver Spring, but he hopes "when we finally get around" to building the project, the market may have improved. Here's hoping.

The larger building at 1155 will be required to reach LEED Silver certification, while the smaller structure need only meet basic LEED certification, though staff indicated the developers must make a "good faith effort" to go for Silver.

In March of last year, Hague told DCMud, "the goal would be to get the project ready to start when we think market conditions are right, but we’re not exactly sure when that’s going to be." It's safe to say "the time" was neither then, nor is it now. But maybe next year. Until then, the site will continue to be home to a vacant lot and several one- and two-story structures abutting the CSX train line in Silver Spring.


Silver Spring real estate development news

Ripley District Moving On Up

Silver Spring's Ripley District, once home to a derelict strip of parking garages and auto body shops, has had its share of growing pains in the economic downturn, but signs of progress are sprouting up in the form of construction and design reviews for area projects. The Ripley District, a triangular parcel of downtown Silver Spring between Bonifant Street, Georgia Avenue and the B & O Railroad, is one of Montgomery County's reinvention projects in an effort to bolster real estate development and the growth of Silver Spring. Planned residential and commercial projects are in various stages of development, one building is almost finished, others are waiting on the sidelines.

The County approved designs for the Midtown Silver Spring residential building in September 2008, but developer Home Properties is back with altered plans, a new project name - Ripley Street North - and a new architect - Shalom Baranes Architects. The team submitted amended plans earlier this month, and the developer expects to go before the Planning Board shortly after their February meeting with the Design Review Committee. The new plans, though still tentative, would increase the total number of residential units by 50 to 396 and, of the total, 49 will be moderately priced. Though the team has made several adjustments to areas including public use space and building setbacks, the planned structure maintains a 5.0 FAR density rating. According to Elza Hisel-McCoy a Coordinator within Montgomery County Planning Department's Development Review Division, depending on the comments from the Design Review Committee, the Planning board could review the project six weeks to two months thereafter. More information will be available once the DRB makes recommendations and the Planning Board staff issues a review, likely to come this spring.

Hisel-McCoy added that another planned residential project, the Lessard Group-designed 1150 Ripley, formerly know as 1050 Ripley, has all of its approvals, but there have been no signs of forward motion so far. The approved Washington Property Company plan is for a 306,000- s.f. residential building that will include 318 rental units including 48 moderately priced dwelling units and 7,000 s.f. of commercial space. Evan Feldman, a Development Manager for Washington Properties, indicated that the team is working on financing right now, but expects to begin construction in April of this year, despite the lack of a general contractor. Once construction begins, Feldman expects the first units to be available in 18 months and the entire project to deliver in 21 months. 

For some actual progress in the district, Division One Architects, the minds behind the Lacey, have been working on a brand new headquarters building for ALC, Inc., which will sit on the southwest corner of Ripley Street at Georgia Avenue. The three level building includes a ground floor restaurant and walk up office space with green features like a sodded roof and north and east oriented facades to capture all that natural daylight. The project should deliver by April or May of this year. The County's efforts to re-brand the Ripley District are crawling along, but the development movement so far looks promising for the future. 

Silver Spring real estate development news

Midtown Silver Spring Bides its Time

The long-delayed Midtown Silver Spring is again moving forward, at least in its planning, this time with Home Properties, following an early 2008 sale by the original developers, Kettler. Despite the change of hands, Home Properties is still pursuing the same WDG design for 1009 Ripley Street – one that aims to deliver two towers worth of residential and retail to the Silver Spring Central Business District. Don Hogue of Home Properties tells DCmud that though the project was fully approved by the Montgomery County Planning Board, they’re biding their time until they get it just right.

"We have final site plan approval, but we have to take it all the way through construction drawings," said Hogue. "One of the things that the Planning Board commented to us was that maybe we had a little bit too much parking. It was designed as a condominium [project], so we may be altering that…but we’re still in the very early stages.”

The original WDG plans for the Midtown – which Home will rebrand with a new title once the project moves forward – call for 314 apartments in dual, 19-story luxury high-rises and 5,380 square feet of retail space. Hogue projects that once construction begins it will be the second such project on the block, as the Washington Property Company is currently soliciting general contractors for their Ripley residential development across the street. As such, a start date for the Midtown currently remains up in the air.

“We hope to start the remainder of the architectural work this year. The goal would be to get the project ready to start when we think market conditions are right, but we’re not exactly sure when that’s going to be,” said Hogue. Nor does anyone else.

Residents Win Fight for Historic Community

Yesterday's Montgomery County Planning Board meeting couldn't have fared any better for the score of residents that testified in support of preserving and officially naming the Falkland Apartments as an historic community (see Thursday's post). Executives at Home Properties, the owner of the 70-year-old apartment community, are probably not as elated about the setback for their development plans.

Less than 24 hours ago, the Planning Board decided on the record that the Silver Spring apartment complex is a "key part of history and should be preserved," according to the Maryland National Capital Park and Planning Commission. This decision comes in the wake of community activity (petition-signing and all) to preserve the site.

The Planning Board's decision last night initiates a full historic designation process, which begins with the Historic Preservation Commission (HPC), then comes back to the Planning Board for further review and finally goes before the County Council – who will make the ultimate decision on whether the property deserves historic landmark status.

D Day for "New Deal" Housing?

At 3 PM today, the Montgomery County Planning Board will decide the fate of a collection of duplex and three-story apartment buildings, located on 22 acres of land at the intersection of East-West Highway and 16th Street in Silver Spring, MD. Home Properties of New York, the owner of the Falklands Apartments, has submitted an application to raze some of the buildings, created in the wake of FDR's New Deal programs, despite their placement on a list of historic "potentials" - a catalog of possibly-vintage properties that the county has protected from destruction until officially determined as being devoid of historic value.

Home Properties is attempting to demolish a third of the apartments on the northern half of the site in order to clear the way for a collection of new buildings: a mixed-use set of apartments and stores which will create 1,059 residential units, a 50,000 s.f. grocery store and 15,000 s.f. of retail. Demolition of the existing housing needs to be cleared by the Historic Preservation Commission.

The site has been under historic evaluation since 1985; at that time Falkland failed to satisfy the requirements of historic designation. Unfortunately for Home Properties, the real estate may boast some intrinsic historical value. Aside from being the first garden apartment complex in Montgomery County, the Falkland Apartments were inaugurated by Eleanor Roosevelt in 1937. The Falkland residences were created to satiate the rapidly escalating swarms of people that were moving into the area following the inception of FDR's New Deal programs; Montgomery County's population grew by more than 70% during this period.

The apartment complex was reevaluated again on August 15 of this year, when the commission concluded that further investigation was required; on the whole, the site was deemed "eligible" for classification on the Master Plan for Historic Preservation. Home Properties has argued that the apartments are not suited for designation because of the failed 1985 valuation. Members of the community have opinions to the contrary; the Planning Board received more than a dozen letters pleading for historic designation of the site - there were no letters pleading for a mixed-use development. County Planners have recommended that the Planning Board consider all three of the parcels that make up the Falkland Apartment buildings as eligible for historic designation, leaving an all or nothing choice to the County Council.

Monterey's Metamorphosis Ends Where it Began

The Monterey, a 434-unit condo-conversion project developed by Annapolis-based Triton Real Estate Partners, is officially being re-converted back to apartments. The project, located at 5901 Montrose Road in North Bethesda, was originally stalled when Triton defaulted on their mezzanine loan and CBRE Realty Finance became full owner. Triton did begin selling condos in March of 2006 before defaulting, hawking one-bedroom units from the low $300s and three-bedroom units up to the mid $800s, but now CBRE is releasing contract owners from their obligations and refunding deposits, rescinding just over 40 of Triton's contracts-to-purchase in the months to come in an effort to facilitate the property's eventual sale on the open market.

"After substantial analysis of the marketplace and viability of the condo market right now, it was determined that the property is most suited to the rental market," said Paul Martin, Executive Vice President of Portfolio and CDO Management at CBRE. "We've revalued our interest in the property, and determined that the best course of action is for CBRE to sell."

This particular property has changed hands three times in only two years. It originally began as the 432-unit Pavilion Apartment building, owned by Home Properties LLC. Triton purchased it from Home Properties in November, 2005, much to the dismay of the Pavilion's tenants, and reportedly planned to spend $45 million on renovation efforts for the newly christened Monterey condominiums (concept pictured). CBRE assumed its role as full owner of the project in May of 2007 when Triton was foreclosed on, both at the Monterey and at a second condo conversion project, the Rodgers Forge in Towson.

The fate of the 16-story, three-tower complex will ultimately be an upscale apartment community; the north tower currently has more than 50 units that are completely gutted, remnants of Triton's unfinished business, along with 143 units that need minor refurbishment. The south tower holds 228 units that are nearly-completed condo units, which will be going for much higher rates since they provide upgrades like granite counter-tops, hardwood floors and other indicia of condo conversion that the aforementioned units lack.

Falkland North Project Details, Images Revealed

Following months of speculation, Home Properties finally released new details and images on February 22 at a Silver Spring Regional Center meeting of its planned redevelopment of the northern portion of the Falkland Chase apartments, the historic apartment community built in 1937 on 22 acres in downtown Silver Spring along 16th Street and East-West Highway. The Falkland North complex, to be located on the 9-acre northeast corner of East-West Highway at 16th Street, will be a mixed-use development containing 1,020 residential units and three levels of underground parking. There will also be 62,000 sf of retail and commercial space, with a Harris Teeter grocery store expected as one of the retail tenants. Monthly rents are expected to be $1,500 for a studio up to $2,200 for a two-bedroom unit – ambitious rates for Silver Spring. The project will contain interconnected towers (the tallest being 15 stories) in a semi-circle around a 1.5-acres courtyard featuring a pond and waterfall. Architecture is by Grimm & Parker, which has the new images of this project on its website. Construction is not expected to begin until close to 2010, assuming all approvals fall into place.

Falkland Chase Project Moves Forward

The massive redevelopment of the north side of the historic Falkland Chase complex in Silver Spring has taken another step forward, with the recent filing of the Project Plan Review development application for this project with The Maryland-National Capital Park & Planning Commission (M-NCPPC). The Falkland North complex, to be located on the northeast corner of East-West Highway and 16th Street, will be a mixed use development built by Home Properties, containing 1,020 residential units, plus 62,000 sf of retail and commercial space (with a grocery store expected as one of the retail tenants).