WASHINGTON, DC-You know the commercial real estate industry in the DC area can't be completely lagging when groundbreaking become a regular event. That, at least, has been the reality here in the last several days and while no one will argue the metro area is enjoying robust growth, it is clear that activity is hopping in Maryland.
In Potomac, MD, the Foulger-Pratt Cos. has broken ground on Park Potomac Apartments, a 297-unit luxury building in Potomac, MD. The $111 million project will total 307,091 square feet of space in two five-story buildings, plus an additional 9,224 square feet of retail space on the ground floor.
Park Potomac Apartments are part of Foulger-Pratt's Park Potomac planned community, which features office space, condominiums and townhomes, retail and a 45,000-square-foot Harris Teeter grocery store. So far, phase 1 of the office and retail components are fully leased. Eventually, says Bryant Foulger, managing principal of Foulger-Pratt, in a prepared statement, the Park Potomac community will eventually include "an additional 400,000 square feet of Class A office space, a 150-room luxury hotel, and 70,000 square feet of additional retail."
Not far away, in the Twinbrook submarket, JBG Cos. launched the next phase of its development of the Twinbrook Metro station, moving dirt on two mixed-used developments on either side of the Metro station.
The two projects -- Galvan at Twinbrook and The Terano -- will offer 500 residential units and more than 130,000 square feet of retail space.
The Galvan will have 356 apartments, 15% of which will be dedicated as affordable, and will include 100,000 square feet of street-level retail, including a 63,000 square-foot flagship Safeway. Galvan is expected to deliver in 2015.
On the east side of Metro, The Terano will have 206 apartments, 15% dedicated as affordable, and 33,000 square feet of street-level retail. The Terano is a joint venture project with the Washington Metropolitan Transit Authority.
When JBG's 30-acre, neighborhood-level development surrounding the Twinbrook Metro station is complete, it will consist of about three million square feet of mixed-used space. JBG's development plan earned LEED Gold Certification for Neighborhood Development from USGBC -- the first LEED-ND property in the Washington region.
JBG is also working on two federal lease projects in Twinbrook: the renovation of 5600 Fishers Lane for the Department of Health and Human Services and a new building for the National Institute of Allergy and Infectious Diseases, also on Fishers Lane. The two developments will deliver in 2014.
In Bethesda this week, Montgomery County officials, The JBG Cos., ROSS Development & Investment and the CIM Group will kick off the start of construction on 7770 Norfolk, a new building featuring a mix apartments and retail to Bethesda's Woodmont Triangle.
Technically speaking, construction on the 17-story project began earlier this summer when the developers begin clearing a section of single-story retail at Fairmont and Norfolk avenues to make way for the project.
The development, which will bring 244 apartments and approximately 6,000 square feet of retail to Norfolk Avenue, is located across the street from Veteran's Park.
In Frederick, Matan Companies began work on its Prospect Hall Apartments development. A recent acquisition of its $100 million Matan Fund IV, Prospect Hall Apartments is a 13-building, 376 unit multi-family development scheduled to deliver early summer 2014.
Matan chose Morgan Keller as the general contractor. Stellar Advisors will market, lease and manage the property. Wells Fargo provided financing.
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