BETHESDA, MD—In what was truly a public-private partnership, the developers of two luxury residential buildings in Bethesda Row held a grand opening for the project on Thursday.
The mixed-use development is a public-private partnership between Montgomery County and urban development firms PN Hoffman and StonebridgeCarras. The development consists of The Darcy, which as 88 luxury condominiums, The Flats, a 162-unit apartment, and the Capital Crescent garage, which has 960 public parking spaces and 290 private parking spaces for residents. The project also features 40,000 square feet of ground level retail that includes tenants such as Pottery Barn, Pottery Barn Kids, PassionFish, PAUL, Silver and Chop't.
The public garage was the first component of the project and was completed in January 2015, per the developers' agreement with Montgomery County.
"At every stage of this project, my staff from Department of Transportation worked hand-in-hand with PN Hoffman and StonebridgeCarras to turn a surface parking lot into what is now a state-of-the-art garage and a modern residential community in the heart of Bethesda Row," said Montgomery County Executive Isiah "Ike" Leggett.
The ribbon cutting on Thursday was for the grand opening for the two luxury residential buildings. Among the dignitaries that participated in the event included , PN Hoffman CEO Monty Hoffman and StonebridgeCarras principal Doug Firstenberg.
"With our partners at the county, Northwestern Mutual Life Insurance and Buvermo Investments, we are pleased to bring this 11-year project to fruition," says Firstenberg in a prepared statement. "We believe that The Darcy and The Flats are the residential boost that Bethesda Row and the downtown area needs to continue on its role as a leader in sustainable development and economic growth."
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