SILVER SPRING, MD—After a three-year delay, construction began last month on a luxury condo project here called Quarry Springs. The 97-unit project is located on River Road in Silver Spring.

The developers are a joint venture between 1788 Holdings and IHP Capital Partners. The first phase of the project will deliver 50 condos in two five-story buildings in 2015.

Washington Business Journal reported that the project secured $110 million in construction finance for this first phase. Apollo Commercial Real Estate Finance is the lender and the James G. Davis Construction Group, is the project’s general contractor.

The units are expected to price in the high $800-per-square-foot range, or $2.5 million per unit.