Showing posts with label Triumph Development. Show all posts
Showing posts with label Triumph Development. Show all posts

Thursday, May 29, 2008

Bethesda Condo Gets the Go-Ahead

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Plans for Rugby Avenue Condominiums at 4851 Rugby Avenue went before the Montgomery County Planning Board for a second time this morning and were approved. In the fall of 2007, developers Polinger Shannon & Luchs (cleverly disguised as 4851 Rugby Avenue LLC) were denied their application for a 10-story, 71-unit condo building with 1,250 s.f. of public art studio space and told that the plans exceeded the nine-story (90 feet) zoning limit. The new plan shows a lower height and increased art space.

The Woodmont Triangle project will now include only 61 condominium units, 8 of which will be affordable, 2,000 s.f. for four art studios, and a 3,277 s.f. outdoor public plaza. Now nine stories, the building will replace two small office buildings on the north side of Rugby Avenue at the intersection of Auburn and Rugby Avenues, and will include two and a half levels of underground parking.

"Obviously we are in the Bethesda Central Business District – which is a dynamic market in and of itself," said Elliot Schnitzer, a manager at Polinger. "Walter Reed is relocating to Bethesda Naval. Our site is between the Medical Center and Bethesda Metro stops and in walking distance to Bethesda Naval," he said.

Schnitzer also told DCMud that the developers will now work with Guy Martin of CORE Architects on construction drawings. When asked about the likelihood of joining the go-rental trend, Schnitzer said the company was standing by their condo plans. As DCMud reported last week, Triumph Development canceled its plans for 4901 Hampden Lane in the center of the Bethesda shopping district just last week, citing the approval process and market factors.

“People who have changed to rental have already broken ground. We hope to time it to hopefully hit the market on the rebound,” he said. A construction schedule has not been set, though the project will certainly beat out its neighbor - 4823 Rugby Ave. - which has submitted plans for a 24-unit building but remains in the 'concept' phase.

Tuesday, May 20, 2008

Bethesda Condos Nixed by Developer

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After more than four years of seeking permits and zoning approvals, Bethesda- based real estate developer Triumph Development, LLC has decided not to complete their seven-story, 53-unit condominium project at Hampden Lane and Woodmont Avenue in Bethesda. The developers received approval for "4901 Hampden Lane" in February, at which time they posted an optimistic message of progress on their website.

The project profile read, "while the residential real estate market as a whole is a bit challenging right now, we are still extremely excited about this project . . . the design and the location are that good." Apparently not quite.

But an email today from Triumph's Development Director, Michael O'Connor, to those who had expressed interest in the real estate project read, "Triumph has made the decision not to pursue our condominium project at Hampden Lane and Woodmont Avenue in Bethesda. The four-plus years that Montgomery County approvals have taken combined with the slumping residential real estate market have finally taken their toll."

Totalling about 95,000 s.f. of development, the project was to offer units ranging in size from one to four bedrooms, and was designed by Shalom Baranes Associates. Situated ideally between Woodmont Row and the Bethesda Metro, Hampden Lane had been recognized by the Washington Smart Growth Alliance.
 

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