SILVER SPRING, MD-The Tower Cos. received a thumbs up from The Maryland-National Capital Park and Planning Commission for its proposed 3.8 million square foot Preliminary Plan and Project Plan redevelopment of The Blairs, a 27-acre infill project located within the Silver Spring Commercial Business District. The entire plan pencils in at about $750 million, Sri Velamati, VP of Development, tells GlobeSt.com. Phase one will be roughly $80 million.

The redevelopment consists of 450,000 square feet for retail and commercial space and 3.4 million square feet for residential living, for a total of 2,800 new and existing residences. There are also five acres of public parks in the plan.

Tower partner Jeffrey S. Abramson called the project a "city-within-a-city" and a "vibrant hub of green living."

Indeed there is little the community won't have.

The residences will have rooftop courtyards and gardens; there will be restaurants, a grocery store, hotel and office building, all connected by large green spaces, terraces, urban parks, cascading water, bioswales, pedestrian walkways and children play areas.

There will be adult fitness and dog parks, flexible public spaces for outdoors festivals, outdoor cafés and bike paths.

Master Architect/Planner Bing Thom of Bing Thom Architects, and city-builder and Landscape Architect, Alan Ward of Sasaki Associates collaborated on the designs.

The project is currently LEED certified Gold EBOM.

The project includes 20% use for public space and urban parks and 12.5% Moderately Priced Dwelling Units.

With the approval in hand, Tower Cos. can proceed to the site plan application stage. Construction on the site will be in multiple phases over a period of 20 years and is expected to begin the latter part of 2014.

Phase one will proceed at the end of next year, Velamati says. It will be largely the multifamily component, financed internally.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.

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.