BETHESDA, MD-A JV plans to build a luxury condo project here that will eventually deliver 46 units into the submarket. The venture is between Reston-based Duball, LLC and the Resmark Cos. The project, to be called Woodmont View, will be located in Bethesda's CBD. Construction is scheduled to start late this year and will be complete by 2016.

Duball acquired the land parcel for $6 million, or approximately $67 per developable square foot. It has also secured a $26 million construction loan from EagleBank, making the project fully capitalized. The project will be located at the corner of Woodmont Avenue and Battery Lane.

The condo market is slowly recovering in the greater DC area, but it is unclear whether it will ever reach the robustness seen a decade ago. Marc Dubick, Duball's president, tells GlobeSt.com he is very optimistic about for-sale projects in certain micromarkets in DC, Bethesda among them. "Most areas that have higher income levels and stronger demographics can support a certain amount," he says, noting that this project will only have 46 units. "Condos have to sell on the high end or you wouldn't be able to support the cost to produce it."

Dubick expects end users will see pricing for the condos around $800 per square foot. He declined to discuss development costs.