Silver Spring Transit Center MOU Approved

Last week, the Montgomery County Planning Board reached a Memorandum of Understanding (MOU) with the Department of Public Works and Washington Metropolitan Area Transit Authority (WMATA) regarding the massive mixed-use development project slated for the site of the Silver Spring Metro station, clearing the way for the issuance of bids for this $75 million development. The new Paul S. Sarbanes Silver Spring Transit Center, as the project is called, broke ceremonial ground last November, and is expected to be completed in 2009.

The Silver Spring Metro station is one of the busiest transit centers in the Washington area, currently serving 27,000 Metro riders, 32,000 bus riders and 1,100 MARC train riders daily, a number that is expected to increase to 97,000 patrons per day by 2025. Under the MOU, the Planning Board agreed to exchange its 35,000-sf Metro Urban Park (located on the current site) for an 11,633-sf park at the transit plaza entrance and an 11,590-sf park just off site. In addition, the Planning Board made clear it expects the county and WMATA to build all “essential elements” for the Center (escalator canopies, shade tress, light fixtures, etc.), and for any necessary additional funding to be sought from Federal and/or state governments.

If project plans hold, the development will transform the 5.7 acres around the metro station into a new three-story transit hub, with the first two levels for buses, and the third for metro’s Kiss and Ride, taxis, and some parking. The project will also feature two residential buildings containing 469 units, a 196-room hotel, 25,000 sf of street-level retail adjacent to Colesville Road and Wayne Avenue, and a public plaza. When completed, the Center is expected to significantly enhance access to existing Metrorail, Metrobus, Ride-On, MARC rail, bus and taxi, and the Metropolitan Branch Trail, as well as the planned Purple Line. The private development is being handled by Silver Spring Metro Center Partnership/Foulger-Pratt Development, with architecture by Zimmer, Gunsul and Frasca.

Logan Circle's Wardman Row Buildings to Stay Affordable, Get Upgrades

With the Logan Circle neighborhood gentrifying northward along 14th Street NW, and the concurrent redevelopment of the U Street corridor working its way downward, many wondered what fate was in store for the number of affordable housing buildings in this area. Once such development is the row of housing holding 124 units located along R Street just west of 14th Street. The answer is now clear, as the expected new purchasers of five of the seven buildings in the complex (1416, 1428, 1432, 1436 and 1440 R Street NW) are planning to implement more than $6 million worth of renovations once the sale is completed later this summer, and the units will be offered with more diverse income-level requirements than before.

Non-profit group NHT Enterprise and the Hampstead Development Corp. are believed to be paying current owner R Street Associates LP $11 million for the five buildings (1420 and 1424 R Street are not part of the deal, and are owned by another entity). The new owners have already requested funding from the DC Department of Housing and Community Development and the DC Housing Finance Agency toward the expected upgrades to the five 4-story buildings, which should begin this fall and continue for the following year. Residents will continue to live in the units during the work, which will include new kitchens and bathrooms, plus new roofs that incorporate "green" features.

The other major change will come with the income requirements for these units. Currently, the property owner receives federal subsidies to keep the units affordable, and the top threshold for these units is $28,350 for a family of four (30 percent and less of the area’s annual median income). Under the new ownership, residents will instead receive Section 8 vouchers which they can use to stay at these units, or to rent elsewhere. In addition, there will now be “tiers” of affordability, with 6 brand new carved-out units renting at market rate with no income restrictions; of the existing 124 units, 94 units will require a 60 percent and below annual median income, 24 units will require a 50 percent and below median, and 6 units will remain at 30 percent and below median.

The "Wardman Row" buildings have experienced a long and lively history. First built by Harry Wardman and architect Albert Beers in 1913-1914 in the Classical Revival style as affordable apartments, the buildings watched as the neighborhood fell on hard times after the riots of the late 1960s left 14th Street scarred. The buildings underwent renovations in the 1970s and 1980s, and were put on the National Register of Historic Places in 1984. They have since watched new shops and restaurants open on either side since the 1990s.

BNA Site Project Wins Zoning Approval

On July 9, the DC Zoning Commission approved plans submitted by TRS Inc. to build its Planned Unit Development (PUD) at 1227-1231 25th Street NW, the West End site of the Bureau of National Affairs office, which is relocating to Crystal City. TRS is converting the three office buildings now on the lot (which is just above M Street NW along Rock Creek Park) into two connected condominium buildings (1229 and 1231) with four additional stories added on top, with the third building (1227) reserved for offices. The condominium portion will contain up to 295 residential units, including up to 8,000 sf as "affordable" housing. The project is expected to be completed in late 2008.

NoMa Gets Its First Hotel

On July 11, the usual DC official suspects (including Mayor Fenty) joined the ownership team headed by The Finvarb Group in breaking ground on the first new hotel squarely in the North of Massachusetts (NoMa) area in Northeast DC (usually delineated as being bounded by Massachusetts Avenue to the south, North Capitol Street to the west, Florida Avenue the north, and about 3rd Street NE to the east). The eight-story, 218-room Courtyard by Marriott will be located between the New York Avenue Metro station and the new US Bureau of Alcohol, Tobacco, and Firearms (ATF) headquarters, and will feature 10,000 sf of ground-level retail, including at least one outdoor café. In addition, an elevator will provide direct access from the plaza between the hotel and the Metro station entrance to the elevated Metropolitan Branch bicycle and pedestrian trail running alongside the Metro track. The hotel will also be next to MRP Realty’s planned Washington Gateway project, and the Florida Avenue Market redevelopment.

"What's Happening on East Capitol Street Near RFK?"

In response to the throngs of rabid dcmud readers (of course, throng in the blog-based community being a few dedicated, astute readers) asking "what's the deal?" with a possible development site along East Capitol Street near RFK, we decided to take our jalopy down there to report back our findings. It appears that developer Comstock East Capitol LLC has some plans in store for 1705-1729 East Capitol Street SE, the site of a vacant, 80-unit apartment building (pictured) bounded by East Capitol Street SE to the north, 18th Street SE to the east, A Street SE to the south, and 17th Street SE to the west. The 42,629-total sf plot is directly across the street from Eastern High School and just blocks to the Stadium-Amory Metro and RFK. Comstock’s consolidated planned unit development (PUD) proposal indicates the company plans to demolish the abandoned structure and build a new five-story, 134-unit apartment building (11 being affordable housing), with a garage holding 113 parking spots. The developer has submitted an application to the DC Zoning Commission to upzone the property density to allow its project (the parcel is currently zoned R-4, but Comstock will need R-5 zoning to build at its proposed size). Advisory Neighborhood Commission 6A (ANC6A) originally went on record as opposing the zoning application for this project (in a 6-0 vote), noting that the size of the project was not in line with this residential neighborhood, as well as what it felt was an insufficient number of designated affordable units (it would like to see 20 percent (at least 26 units) be affordable housing). However, there is indication that the Commission is developing a working relationship agreement with Comstock where the developer will work with the Commission on ensuring the community’s voice is heard with the project, plus a possible donation by Comstock to Eastern High School and Eliot Junior High to improve their athletic fields. The public hearing on the zoning request has been repeatedly delayed, most recently the June 18 meeting. We will keep you up to date as we learn the fate of this project, and of course, please send any tidbits you have (or correct us) on any project you see in your neck of the woods!
(h/t on this story to commenter mr. x)

Silver Spring's Moda Vista Residences Project Expected to Be Approved

While we have recently been fixated with the development lined up in south Silver Spring, we’d be remiss if we didn’t catch up with what’s happening northeast of the Red Line tracks and Georgia Avenue. The latest news arrives regarding the Moda Vista Residences project, a 1.27-acre development slated for the southeast corner of Fenton Street and Silver Spring Avenue (8115 Fenton Street), currently the site of parking lots and two detached homes. The Montgomery County Planning Board is expected next week to approve the project plan submitted by Fenton Development LLC, which calls for a five-story, 94-unit residential building (12 being moderately priced dwelling units) with 3,500 sf of ground-floor retail. The project also calls for an 8,331-sf plaza running along Silver Spring Avenue, plus two exterior public art displays on the site. In addition, the façade along Silver Spring Avenue is to gently transition downward to match the detached homes to the east of the project. An interesting side note is that this property lies in a possible path for the proposed Purple Line; if so, studies are underway that envision the Line going through a tunnel at this point and not affecting this project. There are no further details regarding groundbreaking or completion schedule for the project at this time.

Southeast’s "Blue Castle" Property Back On Market

According to the Washington Business Journal, a much-eyed parcel of land near the Navy Yard and the new The Yards project and Nationals Ballpark in Southeast is back on the market. The almost 100,000-sf, Civil War-era “Blue Castle” building at 770 M Street SE (and the 1.6 acres it sits upon) is now owned by Preferred Real Estate Investments Inc. of Conshohocken, PA, which bought the property for $20.2 million in 2005. The current sale is being handled by Cassidy & Pinkard Colliers. Whoever the buyer is, they will inherit the current leases now being used through 2012 by charter schools Eagle Academy Public Charter and Kipp D.C.'s Key Academy. At that point, the property will most likely be redeveloped; the current zoning is for retail and office development of 214,000 sf. Cassidy & Pinkard Colliers has already reportedly received a number of proposals, though no decisions have been made at this time.

"Historic Adaptive Reuse" for Woodley Park

Woodley Park will soon have another condominium development, when the Woodley-Wardman project breaks ground later this year. Named after Harry Wardman, the man who developed much of its neighborhood, the Woodley-Wardman development will build approximately 36 units by restoring four historic townhouses and adding a 7-story building in back, between the public alley and the townhouses. Murillo/Malnati Group’s 33,000 s.f. residential project at 2814 Connecticut Avenue was designed by Bonstra/Haresign Architects, with interior design by Carina Lopez, to restore and subdivide rowhouses into condominium units. Plans for the four brick townhouses envision restorations of the three-story structures with gardens and front porch space. The tower behind the townhouses will include some brickwork, but will have a contemporary, rather than historic appearance, with long stretches of white and metal-framed rectangular windows and similar rectangular windows in the upper penthouse units that offer private terraces. The historic buildings, two of which are original Wardmans, will be reconfigured to offer several new units as well as entryway for the courtyard and midrise in the rear. The 37-unit condominium building will include approximately 22 underground and at-grade parking spaces, as well as private roof terraces and balconies. The project received approval from the Historic Preservation Review Board, as well as the Board of Zoning Appeal, for the development. Completion is slated for early 2009.

New Changes at Rockville Town Square Project

Back in April, we first reported that development team RD Rockville (ROSS Development and Investment and the DANAC Corporation), citing poor sales, had decided to switch one of the four condominium complexes (specifically, the Lunette building) in its $350 million, 12.5-acre Rockville Town Square project from condos to apartments, and had notified buyers of the decision. Now comes word that in late June, RD Rockville sold off three of these residential buildings (the Lunette, the Venetian and the Fenestra) to an affiliate of CIM Group of California. The sale, complete details of which have yet to be disclosed, was handled by Sonnenblick Goldman. The fourth building, the Palladian, is currently being sold as condominium units by RD Rockville. The Rockville Town Square project, containing 644 residential units and 180,000 sf of retail, is located along (and to the west of) Rockville Pike, just two blocks from the Rockville metro station, and bounded by Beall Avenue to the north, Washington Street to the west, and E. Middle Lane to the south. Design by WDG Architecture. Early indication is that CIM Group will offer the residential units in these three buildings (which contain 492 of the 644 total units between the four original buildings, plus retail) as rentals (management will be by Realty Management Services), with leasing expected to begin this month.

For Sale - Silver Spring's The Blairs

Interested in some property? OK – how about a lot of property, namely a large chunk of south Silver Spring residential and commercial property? Anyone with passing familiarity with Silver Spring is well aware of The Blairs, the massive mixed-use residential, retail and office complex located just south of East-West Highway (and the Silver Spring metro) and north of the DC line, bordered on the east and west by Colesville and Blair Mill Roads. Well, this past week property owner The Towers Cos. placed a “For Sale” in the window, the first time the complete 26-acre property has been put on the market since it was first developed in the 1960s. In total, The Blairs consists of 1,397 rental units spread between three hi-rises, garden apartments, and townhouses, 83,154 sf of retail space (including the Giant supermarket, CVS, and other stores in the shopping strip), and 69,517 sf of office space.

While the complex could simply change hands with residents not even noticing the switch (except for maybe a rent bump), it is interesting to note that the Cassidy & Pinkard sales flier indicates that the property could easily be expanded, stating that new development capacity could include 1,403 additional apartments, and 297,329 sf of new commercial space. Such expansion would certainly add a wrinkle to the already-significant level of development happening at this corner of East-West Highway and Blair Mill Road. Just east across Blair Mill is the still-selling, 151-unit Mica condo conversion, and rubbing shoulders with the Mica is the 96-unit The Argent project, which just broke ground last month at 1200 Blair Mill Road. Just northeast of The Blairs is the 247-unit 1200 East-West project, which broke ground in June, and across East-West Highway from this project is the 460-unit Silver Spring Gateway project. We might as well also go west and throw in the 1,020-unit Falkland North project at the corner of East-West Highway and 16th Street. The best investment of all, with this myriad development? One of those silvery Food Trucks that stops on the works sites twice a day to serve breakfast and lunch to the construction crews – now they will be doing brisk business for the next few years!

"Conversion Reversion" Hits Leesburg Project

As mentioned in our "DC Condo Growth to Slow" column from Friday, the number of condominium units coming to market is less than originally projected, as developers pull back in the face of uncertain market perceptions and cancel new projects, or reverse plans to convert apartments to condo units. The latter progression – apartments to condos, then back to rentals, or "conversion reversion" – is what is now being reported for a major residential development in Leesburg. In 2005, Reston-based Comstock Homebuilding Cos. announced plans to convert Bellemeade Farms, a 316-unit garden apartment community located on Gateway Drive just off Route 7 that it had just purchased from Fairfield Residential, into condominium units. However, this past February the company, after upgrading a number of units and actually selling 58 condos in the new project, decided to scale back the number of condo conversions in the community. And now Comstock has decided to forgo the project completely, just last week closing on the $48 million sale of the community to Chicago-based Waterton Associates. Waterton will now develop the property as, once again, rentals. Waterton has also worked with Comstock to purchase back the already-sold-as-condo units. Rentals to condos to rentals … to who knows what next time – stay tuned.

Washington DC real estate and retail news

DC Condo Growth to Slow

The DC condominium supply chain will decrease significantly over the next 2 years, adding fewer new condominiums to the market than it has over the past 2 years and supplying only half the number of units that had previously been expected, according to data provided by DCRE real estate, a DC-based marketing firm and real estate brokerage. The analysis shows that during the next 24 months, approximately 7600 condominium and coop units will become available for sale within the District as a result of new construction or apartment conversions, a forecast down markedly from the 13,000 new units that had been expected to be released over the 24-month period beginning January, 2006. An analysis of the market shows that many of the projects that had been expected to begin sales over the next two years had been delayed, canceled, or converted to rental units as a result of perceptions about the housing market's inability to absorb large additions to the housing supply. 

The pullback in the market reflects decisions over the past 18 months about whether to advance a project in the initial planning stages, affecting supply as early as one year later, but in many cases three to four years later due to the time needed to approve and build large projects, which often require lengthy review by a city nominally encouraging growth but fastidious about architectural review and skittish about density. Though the pace of development could be considered brisk compared to the '90's, the softening of the condo market that began in the Spring of 2005 led many developers to shelve planned construction, decisions that will reverberate even through an upturn in the market. And despite factors favorable to further development - strong job growth numbers, low vacancy rates on apartments, rising rental rates, and projected population increases across the DC area - confidence in the housing market may take some time to rebound. According to the analysis, 2871 newly built or converted units are now available for purchase on the market, a number that is likely to decrease gradually over the next year as new condominiums developments replenish supply less rapidly than it is absorbed. 

By contrast, MRIS, the region's multiple listing service, reports less than 1400 units actively on the market in the District, a total that includes resales listed with a brokerage as well as some new construction, though many new developments list only a fraction of the inventory in MRIS, or none at all. The city fared better than its immediate neighbors, which not only experienced a slowing of construction and conversion, but which saw numerous projects canceled even after significant pre-construction sales had occurred, a predicament that affected very few purchasers of property in the District. Construction and conversion that has not materialized as expected included Broadway's Atlantic Plumbing site (700 units, and may instead become apartments), the Fairfield Residential project in NoMa (650 units), Pavilions at Takoma (93 units, now to be built as apartments), T Street Flats, and Il Palazzo on 16th St. (79 units, canceled for now due to zoning issues). Many other buildings will simply be built or marketed as apartments, including Vaughan Place (530 units) and View14 (170 units) The study also shows new development is shifting dramatically, away from the Northwest quadrant of DC to Southeast. 

The spurt in development toward the less densely populated areas of Southeast DC results from several forces, including construction of the new ballpark, but also from investment in areas south and east of the Anacostia River, an area once considered less attractive by developers, but where construction can satisfy the growing demand for more affordable housing, and where land is more available and communities less opposed to construction. Building outside of downtown, where developable land is less scarce, less subject to historic restrictions, often with Metro Rail access, and offering larger parcels for development, is beginning to prove increasingly attractive for developers. And as commute times lengthen and empty lots in urban areas decrease, the middle ground between the downtown and the suburbs has become the new hotbed of land speculation. Areas with the most projected condominium development include the ballpark / Navy Yard, Anacostia / Southeast, and upper Georgia Avenue - areas where the DC government has encouraged investment and where developers hope to find better appreciation in the short term. 

Areas that had seen the largest pace of development over the past several years - Logan Circle, Penn Quarter and Mt. Vernon Triangle - will see far less new construction due to the lack of developable land. And despite persistent public fears that housing is overvalued and that supply is excessive, the development community generally perceives the market as stable to positive, viewing the market as more a factor of consumer confidence than of actual demand. "We continue to believe, and our success at CityVista supports the notion, that infill communities close to transportation nodes and differentiated by their proximity or inclusion of a neighborhood amenity base will continue to see strong demand", according to Jeff Miller of Lowe Enterprises. Adding to the woes of developers is the recent reluctance of some lenders to fund condo projects. Instead, lending institutions have in numerous cases conditioned funding of residential development on building units as rental apartments, in some cases forcing the conversion to apartments after condo sales began, to the consternation of both developers and purchasers. The perceived over-supply has led investors and banks with little stomach to fund a project that may take years to build and face uncertain sales.

New Hotel Coming to the West End

One of the hottest areas for development these days is the District’s West End, the once-quiet stretch of Northwest Washington between Dupont Circle and Georgetown (north of Foggy Bottom) best known in the past for its unremarkable office buildings and lack of retail … well, excluding the long-gone and missed Cineplex West End Theater and the original Goldoni restaurant on 22nd Street between L and M Streets, and the more-recently gone and not missed Lulu’s nightclub on M Street. But new development is quickly awakening this area, starting a few years ago with the building of the Ritz-Carlton hotel/condo at 22nd and M Streets, followed by the Columbia Residences development and The Atlas on 25th Street, the new Trader Joe’s grocery store, and still more to come. The most recent news now comes with Perseus Realty’s announcement that it plans to build a new luxury hotel for Starwood Capital Group called "The One" at 2201 M Street, the site of the former Nigerian Embassy, just across the street from the Ritz. While Perseus still needs to gain approval for the project from the DC Zoning Commission (as it would exceed current zoning permission), the developer envisions a LEED-certified “green” hotel, with a glass and greenery-filled atrium stretching from floor to roof visible from the exterior. In all, the building would be 125,000 sf and 110-feet tall. Perseus expects to submit its formal zoning application in late July.

Update: The Washington Business Journal is reporting the hotel will officially be called "1 Hotel & Residences," and the $100 million, 5-star hotel will feature 180 rooms, a "double skin," vine-covered surface to insulate the building, and solar water heating. Ground is expected to be broken in summer 2008, with completion in late 2009.

Zoning Appeal for 2175 K Street Addition Postponed

The DC Board of Zoning Adjudication (BZA), scheduled to hear an appeal last week by developer Minshall Stewart Properties regarding its 2175 K Street NW project in the West End (just east of Washington Circle), instead postponed the hearing until September. Minshall Stewart had submitted a zoning application to add three stories to the office half of the existing office/condo complex at this address, but the city zoning administrator ruled that such a move would necessitate a variance from the BZA. Depending on the September appeal, Minshall Stewart will either be able to build the addition without issue, or have to go before the BZA again in November for the variance. Opposition to the addition has been voiced by both the condo side of the complex and nearby row homes to the west, which fear they will lose their views and sun to the new office floors.

Bethesda’s The Veneto Project

The Woodmont Triangle area of Bethesda has been a particularly active corner of the DC region of late. In March 2006, developer Gus Pappas submitted to the Montgomery County Department of Park & Planning plans for The Veneto, to be located at 4901 Cordell Avenue, at the southwestern intersection of Cordell and Norfolk Avenues (the former location of Gallery Neptune). The project, which will curve around and front both Cordell and Norfolk Avenues, is planned to be an eight-story building with two below-ground parking levels (45 spaces), with 4,575 sf of retail and 33,824 sf of total residential space, containing 13 dwelling units. Well, that was over a year ago, and so far things are … status quo, it seems – the project application signs are still on the windows, but no movement has been seen or documented recently with the County. Looking ahead, though, it is easy to see the few blocks south of Norfolk Avenue being busy with construction cranes, with this project, The Monty at 4915-4917 Fairmont and 4914-4918 St. Elmo, and the 4900 Fairmont residential project, among others, all hitting their stride around the same time. As we learn more of The Veneto’s fate, we will pass details along. 

Bethesda Maryland commercial real estate news

William C Smith to Develop S.E. Residential Projects

DC-based William C. Smith & Co. (WCS Development) has announced that it will build two new projects with a combined 322 units near Mississippi Avenue in Southeast DC near Oxon Run Park. The first of the two, Park Vista Condominiums, will add to an existing structure, in a design by Architect David Bell, to build a total of 82 condos on the 3400 block of 13th Street, all to be sold at market rate. Across the street, WCS is in the early planning stages for Archer Park, a development with approximately 240 units on 8 acres of hillside, to be built either as condos or apartments. The first phase of construction on Park Vista is expected to start this Fall, with sales likely to begin around the same time, with completion likely next Spring. WCS does not yet have an established timeline for Archer Park, but has chosen SK&I as the project architect. Both projects will be relatively close to The Town Hall Education, Arts & Recreation Campus (THEARC) and the Congress Heights Metro Station.

This is the third area development for WCS, which began sales in April on Ashford Court, a 75-townhouse community at 15th & Mississippi Avenue, SE. Home prices at Ashford Court range from the mid $400's to the mid $500's, 17 units have sold since its opening.

Randall School Project Update

Last November, the vacant Randall School at Half and I Streets in Southwest DC, long the desire of many dreaming developers, was purchased by the Corcoran Gallery of Art, which announced it had bought the 80,000-sf building from the DC government for $6.2 million, and hired Monument Realty to manage its renovation into new art space and apartments. However, last week the Southwest Advisory Neighborhood Commission (ANC 6D) voted in opposition of this renovation plan, stating that the development didn’t do enough for the surrounding community. The Corcoran was hoping to gain the commission's approval before going before the Mayor’s office on June 27 (and after that the Zoning Commission, as part of the historic structure is slated for destruction), though the ANC’s approval is not required.

The Corcoran, which has outgrown its home on 17th Street near the White House, envisions using half of the fixed-up school for studio, classroom, and display space for its larger-scale art collection, while converting the other half of the building into market-rate and affordable apartments. There will also be underground parking. As part of its deal with the city, the Corcoran will offer some space in Randall to artists who used to lease space in the building. For this project, the Corcoran will sell Randall to Monument for $8.2 million, which will then manage the building. The Corcoran is donating its profit from the sale to the city’s public school modernization fund. As for the apartments, while numbers are not yet known, twenty percent of the units will be affordable housing.

Greenbelt Station Transformation

Creating a “transit-oriented community” in the area surrounding Prince George’s County’s Greenbelt Station, GB Development, Fairfield Residential, Pulte Homes, RCP Development, and others are working together to complete the $2 billion retail, office, residential, and transit-inclusive Greenbelt Station project. At its completion, the project, designed by Bethesda-based SK&I Architects will include approximately 2,000 residential units, 1.5-million s.f office space, and 1 million s.f. retail space. According to the development’s website, it will also be adjacent to and centered around WMATA's Greenbelt Metro Station.

Replacing what is now a concrete plant and the existing Metro Station parking facility, the development will be pedestrian-friendly with wide sidewalks, landscaping, and benches throughout. The New York Times’ coverage of the development said the project would also offer community amenities such as ball fields, a pool, and a community center.

The development would include a variety of housing options; RCP is planning a 4-story, 378-unit multi-family housing community that will contain either apartments or condominiums at its completion. RCP’s portion will also include 80,000 s.f. ground floor retail with above grade, above-grade structured parking. Pulte homes will be constructing town homes, while Fairfield Residential is planning additional apartments. A hotel is also a possibility for the development.

According to Martin Klingel, Vice President of Development at RCP, his company has not yet submitted for its detailed site plan approval, but will within the next month. He said site plan approval could take up to a year, with construction likely to take another two years beyond that point.

Takoma Project Gets Underway as Apartments

The developer of the aborted Centex project, the Pavilions at Takoma, has begun excavation on the site to carry the project forward, now as an apartment complex. Atlanta-based Gables Residential, which owns numerous apartment buildings throughout the DC area and has substantial assets throughout the Southeastern U.S., demolished the existing structures after it purchased the land from Centex in January of this year, and has begun underpinning to make way for the new building. Gables will go forward with the same Eric Colbert-designed project originally planned by Centex, with 144 units, 180 underground parking spaces, and street-facing courtyard two blocks from the Takoma Park Metro Station, but will develop the property as rental apartments instead of condos. Centex began selling the project as condominiums in the Fall of 2006 before selling the development outright, but sales for the project were reportedly slower than anticipated, one of several Centex projects locally that began marketing but never got out of the ground. Gables expects the project to complete in the first quarter of 2009.

Silver Spring’s 1200 Blair Mill Project Has a New Name – The Argent

As mentioned just a few short weeks ago, Perseus Realty, LLC was observed breaking ground on the fence-enclosed, small 0.77-acre triangular lot located at 1200 Blair Mill Road in Silver Spring (where Blair Mill, Newell Street, and East-West Highway meet - previously home to a car detailer shop) in preparation of the developer’s $37 million residential development (pictured, but without the Mica condo looming behind it). Word now comes that this address now has a name: The Argent. When completed in mid-2008, The Argent will be a nine-story building featuring 96 condominium units (including 12 moderately priced dwelling units (MPDUs)) and 46 below-grade parking spaces. Perseus is also expected to offer a roof top deck and a 4,200-square-foot public park. The residences will include efficiencies, one, and two bedroom units starting in the $400,000s. The Argent will be designed by architectural firm JSA Inc., employing art deco touches and nine-foot ceilings. JSA will also work with Baltimore-based landscape architecture firm Mahan Rykiel Associates to design the public park in front of the building, with the focal point being a commissioned sculpture by local artist Mary Ann E. Mears.