Rockville Town Center to Get $150M Mixed-Use Project
The eighteen story building will contain 250 market rate multifamily residential units, 150 senior affordable multifamily residential units, 19,000 square feet of street level retail and over 600 parking spaces.
ROCKVILLE, MD—A joint venture between affiliates of Duball LLC, Daiwa House Group and the Housing Opportunities Commission of Montgomery County have acquired a 1.5 acre site in downtown Rockville that will immediately be developed into a $150 million eighteen story building. The development will have 250 market rate multifamily residential units, 150 senior affordable multifamily residential units, 19,000 square feet of street level retail and over 600 parking spaces.
M&T Bank is providing construction financing for the project—$61.4 million for the market rate multifamily and retail components and $24 million for the senior affordable housing component.
The property is located at the corner of Middle Lane and Monroe Street in Rockville and is a short walk to the Rockville Metro Station and MARC Train station. It is among the last sites to be developed within the Rockville Town Center core.
This is the first project to be jointly developed by Duball and Daiwa House Group. Daiwa House Texas president Takeshi Wakita indicated that this project will be followed by many others.