BETHESDA, MD-Bainbridge Cos. is planning to develop a 17-story luxury high rise here. The building, which will have about 7,200 square feet of retail as well, will be developed with Restis
Group. National Real Estate Advisors is kicking in additional equity. Bainbridge has acquired the site a few weeks ago from a private owner, and plans to break ground this fall. Occupancy is slated for fall of 2012. The development costs for the 200-unit building will be roughly $400,000 per unit, Bainbridge chairman and CEO Richard Schechter tells GlobeSt.com.
The project is emblematic of the company’s larger go-to-market strategy: developing apartment buildings--or occasionally office, retail or mixed-use--in high-barrier-to entry markets along the East Coast and Mid-Atlantic region. Other markets in which the firm is seeking building opportunities now include Boston, Baltimore and the corridor that stretches from New Jersey through New England, he says.
The firm is also looking at student housing opportunities in the same region as well as North Carolina’s Research Triangle. The company has a long time line for these projects, Schechter says. "It normally takes several years to get entitlements even on zoned land. Any projects we begin now could take years to deliver."
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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.
