BETHESDA, MD--Washington DC-based NOVO Properties has acquired four contiguous lots totaling 8,342 square feet in the Woodmont Triangle submarket at an address that was once the home of the popular restaurant Steamers Seafood House. Today the building is almost unrecognizable from its glory days. The restaurant closed in August 2015; six month later it was condemned by Montgomery County after the roof collapsed from the January snow.

NOVO paid $4.65 million for the site -- a price point that the property's broker, Marcus & Millichap's Josh Feldman, says is a reflection of the high-demand for available, developable space in this submarket despite the fact that the Bethesda Sector Plan has yet to be finalized. It had been expected to deliver this Spring to provide additional density. Currently As a developer can build out about 25,000 square feet, not including possible bonus density for moderately priced units.

A Mixed-Use Development

Novo Properties has already applied for a permit to redevelop the lot into a 110-foot mixed-use property with 58 multifamily units and 2,800-square feet of ground floor retail. The lot is located at 4816-4828 Auburn Ave, at the corner of Auburn and Norfolk avenues.

There were almost a dozen offers for the property, Feldman said. The ultimate sales price “I think will surprise most developers in the market and perhaps have them going back to sharpen their respective pencils,” Feldman added.

The site is NOVO's first acquisition in Bethesda.

"This is an area that is seeing increased growth and development and NOVO is excited to be a part of it," said Neil Goradia, Partner with NOVO Properties.

There is much to like about Bethesda's ongoing development but Steamer's Seafood House was a beloved, albeit strange, building back in the day. It consisted of two houses joined together, one of which was the childhood home of the restaurant's owner. Steamers Seafood went on to have a strong 25-year run from the building even as the look of the neighborhood changed dramatically around them.

A Mixed-Use Development

The site is NOVO's first acquisition in Bethesda.

"This is an area that is seeing increased growth and development and NOVO is excited to be a part of it," said Neil Goradia, Partner with NOVO Properties.

Instant Insights /

NOVO Buys Vacant Woodmont Triangle Building for $4.6M With Plans for Mixed-Use Development

Related Stories

Recommended For You