BETHESDA, MD—Developer 1788 Holdings and partner Persimmon Capital Partners have started construction on its luxury condominium development The Lauren where asking prices will be in excess of $2.5 million.
The 40-unit development is being built at 4901 Hampden Lane in downtown Bethesda. The high-end property will test just how far the Bethesda condo market has come since it reached bottom during the recession.
"It went from being a space that was universally despised by the debt and equity markets to one that is now coming back," says 1788 Holdings Principal Larry Goodwin. "We have had a tremendous amount of interest in The Lauren given it's a downtown location…”
The developers expect to deliver the first of the condos in early spring 2016, according to the Washington Business Journal. Goodwin believes there will be a market for the Lauren's high-priced units considering there hasn't been much luxury condo development in the DC market.With the exception of the Parc Somerset, he adds, there is not much competing high-end condo product. See story in the Washington Business Journal.
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