Under the agreement, LCOR will develop the property under a long-term land lease from WMATA. Current plans call for a mixed-use development including 1.2 million sf of office space, 200,000 sf of retail space and 1,338 apartments. The project is expected to generate an estimated 6,496 additional daily Metro trips at the White Flint station.

"Our joint development program is reaping tremendous dividends for local jurisdictions and Metro alike," says Metro board member Carlton R. Sickles. "LCOR understands and appreciates our goals for this project, the community and the Metro system. With their expertise in public/private development, they are well-suited to be our development partner."

According to LCOR senior vice president Timothy D. Smith, the property must be rezoned before any timetable can be set for construction. "It's one of the last undeveloped parcels of property Bethesda, and it represents a tremendous chance for us to do something great with that site. It's a great opportunity," he says. "It's a large piece of land in a mostly urbanized area, and it's only there because Metro owns it."

A national real estate development firm, LCOR specializes in structuring and implementing public/private developments. With nine offices across the United States, including a regional office in Bethesda, the firm is involved with eight major transit-oriented developments across the country with a combined project value of more than $5 billion. Additionally, LCOR has developed more than 20,000 apartments and 14 million sf of office space nationally.

In the DC Metro area, the General Services Administration recently awarded LCOR the 2.4 million sf relocation of the United States Patent and Trademark Office, the largest lease ever signed by the GSA.

Instant Insights /

Metro Authority Approves 32-Acre White Flint Development

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