SILVER SPRING, MD-Willco Cos. has received site plan approval for a multifamily project it has in mind for the corner of Georgia Ave. and Colesville Road. It will be a 292-unit, give or take, class A multifamily, Jason Goldblatt, CEO of Willco Cos., tells GlobeSt.com.
Most notably, he adds, it will be the first privately funded workforce housing project in Montgomery County. "There are, of course, other workforce housing complexes in Montgomery County but they have been subsidized in part through public money."
Goldblatt declined to provide projected development costs for the project. He tells GlobeSt.com that ground is tentatively scheduled to break in the fourth quarter of 2013 and that it hasn't located an equity partner – yet – for the project. It will deliver roughly in 2015, he says.
Willco also announced that it acquired 1345 New York Ave., NE, a 3.13-acre site zoned for up to 545,000 square feet of commercial redevelopment. Willco purchased the site from Greyhound Lines, for $8 million. We'll be following up with another article on that deal later today.
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