Silver Spring, MD real estate development news
Friday, March 02, 2012
Silver Spring "Adele" Site Fails to Sell at Auction
Labels: Fenton Street Development, Silver Spring, SK and I Architects
Silver Spring, MD real estate development news
Friday, January 23, 2009
Bonafide New Residential for Silver Spring
There's yet another residential project in the works for downtown Silver Spring. Independent developer Theo Margas hopes to deliver his Bonifant Plaza project to so-named Bonifant Street in the heart of the suburban city's Central Business District. Since filing plans with the Montgomery County Planning Board more than two years ago, progress on the Bonifant has been slow coming due to traffic issues - but that's something that could begin to turn around as early as next month.
Located on an unaddressed parcel within a stone's throw (approximately 135 feet) of Georgia Avenue, the Bonifant Plaza would measure in at roughly 115,000 square feet and sport new 72 new rental apartments with the same number of private parking spaces. (As required by Montgomery County statutes, 12.5% of those units must be devoted to affordable housing – which amounts to 9 sacrificial units for the developer.) The 9-story project is being designed Silver Spring-based architects AR Meyers & Associates and, though current plans don’t include a retail component, Margas has still not discounted an alternative that would allow him to service the heavily trafficked Silver Spring corridor. “The zoning…doesn’t allow for ground floor retail,” he says. “If for some reason that changes, then we would pursue putting ground floor retail in. But at this point there’s no retail in the designs for the project.”
Per recommendations made by Planning Board staff and the Maryland Department of Transportation, Bonifant Plaza has been on hold pending a design adjustment of the of alleys intended to service the new building. At one point, there had been concerns that the recently resolved issue of Purple Line’s prospective route could also impact the site, but with both matters now headed towards a speedy resolution, the project will return before the Board next month. ““[That meeting is] only for the budget plan, and we still have the site plan,” says Margas. “We’re not going to be at [the final] stage until sometime after budget approval.” Meanwhile, Margas concedes that a final timeline and cost analysis for the Bonifant project will be contingent on the next phase of the approval process, but seems confident that 2009 will be the year that Bonifant Plaza joins its fellow Silver Spring CBD projects – like SilverPlace, 1050 Ripley, the Adele, 8227 Fenton, and 8711 Georgia – on the docket of County-approved developments.
Thursday, December 11, 2008
The Adele Approved in Silver Spring
Labels: Fenton Street Development, MNCPPC, Silver Spring, SK and I Architects
As expected, Fenton Street Development's mixed-use project in downtown Silver Spring, the Adele, was approved by the Montgomery County Planning Board this afternoon. The development at 8620 Fenton Street will add 96 units of housing - including 15 affordable - 18,200 square feet of office space and 15,020 square feet of retail to the Silver Spring Central Business District. The project is being designed by the SK&I Architectural Design Group and expected to open for business in 2011.
Silver Spring real estate development news
Monday, December 08, 2008
Silver Spring's Adele Likely to Get OK This Week
Labels: MNCPPC, Silver Spring, SK and I Architects
The Adele would stand at the current site of an auto repair shop at 8260 Fenton Street. The SK&I-designed plans on hand call for 96 units - either apartments or condos - 18,200 square feet of office, and 15,020 square feet of retail stacked atop each other on a half-acre parcel. Fifteen of the apartments and/or condos on site will be reserved as affordable-rate MPDUs – a requirement that sets the Adele apart from other nearby, similarly-scaled (and not yet built) Silver Spring residential projects such 814 Thayer and Moda Vista. Additionally, the development team is throwing in an ever-popular green roof and a public plaza on the northeastern corner (to be furnished with “streetscape improvements” at their own cost) to sweeten the deal.
FSD initially received concept approval for the Adele back in 2006. Since that time, the developer has made some not so minor changes in order to get full authorization, like axing 3-stories off the building’s proposed height. But having received concept approval on its first try and having been signed off by MPD staff, an affirmative decree from the Board seems likely.
That would be just the latest in a string of MPD approvals for downtown Silver Spring. In addition to 814 Thayer and Moda Vista, nearby projects include 8711 Georgia, 8227 Fenton Street and, of course, the MPD’s own new headquarters/residential development, SilverPlace are all within spitting distance of the Easely subdivision. The Adele is scheduled to join its new neighbors by mid-2011.