Gaithersburg Apartments Celebrate Start Tomorrow

Archstone will hold a ceremony tomorrow morning to celebrate the start of their "Archstone Olde Towne" project. The mixed-use development will replace several old buildings with a 389-unit, four-story apartment building with 15,000 s.f. of ground-floor, street-front retail. Preston Partnership designed the building, in a form intended to reflect historic Gaithersburg structures. Archstone broke ground on the project on December 30th, and has since changed the name from "Westchester Olde Towne."

The project is a block from the Gaithersburg MARC Rail Station, and will feature "beach-entry lagoon-style pool," "re-oxygenating fitness center," and in-house pet salon for sundry four-leggers. The Gazette reported that Archstone had contested Woodfield Investments' application for a nearby apartment building as a competitor for HUD funds, an appeal that was dismissed by the city, and which ended amicably with both projects approved by the city and both granted HUD funds; Archstone received an $89.9 million FHA insured Section 221(d)4 loan through CWCapital.

Archstone also started a 469-unit apartment in NoMa last summer, and maintains that it still has stated plans to break ground on CityCenter this spring.

Gaithersburg, MD, real estate development news

Archstone Breaks Ground on Gaithersburg Apartments

Development plans approved for the heart of Gaithersburg back in 2008 by the Montgomery County Planning Board are finally coming to fruition as just last week Archstone broke ground on their "Westchester at Olde Towne" project. The mixed-use development will replace several old buildings with a 389-unit (194 one-bedrooms and 195 two-bedrooms), transit-oriented apartment community, rising four stories, spanning 6.49 acres, and featuring 15,000 s.f. of ground-floor, street-front retail. The architectural design is courtesy of the Preston Partnership, and takes its cues from historic Gaithersburg structures like the old Gaithersburg School and the Thomas Cannery building.

Situated just south of the intersection of North Summit and East Diamond Avenue and opposite the Gaithersburg MARC Rail Station, the infill project will not only offer an abundance of new apartments and retail opportunities, but also includes impressive amenities like a "beach-entry lagoon-style pool" and a "re-oxygenating fitness center." Future resident dog and cat owners will be in for a special treat as plans call for an in-house pet salon. The development site will also be spruced up by three internal courtyards, one of which will have open access to the public during the daytime.

“Gaithersburg is located in the center of the Montgomery County Technology Corridor, the heart of biotechnology research in the United States,” said Neil Brown, Archstone’s chief development officer, in a press release. "We are excited to begin construction on another landmark project that we believe will create significant long-term value for the City of Gaithersburg, for our future residents and for our shareholders," he added. The commencement of construction was largely made possible by a recently finalized $89.9 million FHA insured Section 221(d)4 loan through CWCapital.

Gaithersburg, MD Real Estate Development News

Olde Towne Gaithersburg is New Again

It's no secret that Gaithersburg has a bit of an image problem. It may be Maryland's fourth largest city, but it also lacks the basic accouterments young professionals seek for a live-work environment: restaurants, nightlife, shopping, movie theaters and the like (and the City Fathers seem to agree). Local developer Keystone Real Estate Investments LLC is the trying to rope in that demographic by using a tact usually reserved for the inner city: demolishing affordable housing projects in the Olde Towne city center and replacing them with a slew of rental apartments targeted at the twenty-something set.

Keystone's first act in this arena will be the Residences at Olde Towne - a 191-unit, two-building development scheduled to be built at the current site of the Diamond House and Diamond Acres apartments at the intersection of Water and Diamond Streets. Described as having an "upscale hotel"-type feel, the project has already been unanimously approved by the Montgomery County Planning Commission and pinned down a March 2011 start date.

Betting on success, the developer has already lined up a sequel a few blocks away. The Suites 355 will land at the base of old town's main drag, Frederick Avenue, and go even bigger: 268 “multifamily” units in a four-story building. The Suites, too, will replace an affordable housing development, the Executive Gardens, and, the way Keystone sees it, there could not be any more of an improvement.

“It is the blighted conditions of these [buildings] and the nearby area that cause these apartments to be deemed affordable housing, as there are no legal requirements for these apartments to be rented at affordable rent amounts,” says the developer. “The new 459 apartments on the two sites will include 69 Moderately Priced Dwelling Units…as required by the city’s Affordable Housing Ordinance.”

Though plans for the Suites 355 have yet to be filed with Planning Board officials, company reps have met with the Gaithersburg Mayor and City Council as recently as March 16^th to discuss their application. Both of the projects in Keystone’s portfolio will be designed by DVA Architects, and both will be aiming for a LEED certification.