GERMANTOWN, MD-Trammell Crow Co. and NVCapital Advisors are on the brink of inking a deal with a hotel developer to build two hotels on a proposed mixed-use community here the duo are calling Century. The purchase agreement is on track to close within the month, TCC principal Campbell Smith tells GlobeSt.com. From there, "the hotel developer will have to go through the site plan approval process with the County."
Trammell Crow Co. and NVCapital Advisors unveiled their plans for the community earlier this week with the announcement that they completed the purchase of a 55-acre parcel of land here from Multi-Employer Property Trust.
Century will feature up to 2.4 million square feet of Class A office space, townhome and apartment units, retail, and the two hotels. The back-of-the-envelop development costs for the 1.2-million square foot first phase of the project pencil in at $250 million, Smith says. Specifically the first phase calls for 110 townhomes, 350 apartment units and the two hotels, at development costs of $130 million and the office buildings totally 460,000-square feet to be developed for $120 million, Smith says.
"We are marketing certain parcels for sale and we plan on developing other parcels for ourselves," he says. "The site can ultimately hold 2.4 million-square feet, so the potential for the future phases will unfold as the market demands," he says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
