WPC, which received preliminary site approval for the project last month, has been assembling the parcels for the last two years. WPC did not return a call to GlobeSt.com in time for deadline, however in an earlier interview CEO Charles Nulsen III put the development costs at $93 million. The project is also expected to revitalize the Ripley District in Silver Spring, he says in a prepared statement.
The project will also deliver 48 moderately priced dwelling units into the market--an all but de facto requirement now for most multifamily projects in Montgomery County. The project will also be designed to LEED standards.
In general Silver Spring has been attracting more multifamily investment over the past year as developers follow those companies that seek close-in locations to the District, but at lower rental rates. Providing housing for these workers is seen as the next development opportunity. Other developments include a 15-story, class A multifamily building here being developed by Behringer Harvard, Brookfield Real Estate Opportunity Fund, and Fairfield Residential. Also Federal Capital Partners and Angelo, Gordon & Co, acquired a $47-million, 376-unit garden-style multifamily property here last year. Kettler also has projects under development in this submarket, including a 300 plus multifamily project.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
