Multi-Housing News: Montgomery County, StonebridgeCarras, Bozzuto Form Partnership to Redevelop Downtown Wheaton
November 01, 2014
Downtown Wheaton is getting a makeover. Montgomery County, StonebridgeCarras LLC and The Bozzuto Group recently formed a joint venture and plan to start work on about 1.1 million square feet of mixed-use projects that will reshape the Wheaton Triangle and the site of the Maryland-National Capital Park and Planning Commission headquarters in Silver Spring.
Under the terms of the partnership, StonebridgeCarras and Bozzuto will redevelop the existing County Regional Services Center and the large surface parking lot on Reedie Drive, transforming downtown Wheaton into a transit-oriented development. It will include a new town square adjacent to the Wheaton Metro Station, a 395-space underground parking garage, new retail on Triangle Lane, a 200-unit mixed-income apartment community and a LEED Gold-certified office building with 265,000 square feet of space. Between 20 and 30 percent of the apartments will be designated affordable housing.
The new office building will house the headquarters of the M-NCPPC. The agency’s current headquarters is located at 8787 Georgia Ave. It was constructed in 1953 and requires significant renovation. StonebridgeCarras and Bozzuto will acquire the building and will redevelop it into a 430,000-square-foot, mixed-use project with 26,000 square feet of retail and 360 residential units.
According to Montgomerry County, the design of the new 12-story building has already started. Construction is expected to begin in 2016 and be completed in early 2019. The total cost of the development was not revealed.
“Over the past six years, I have aggressively advanced the revitalization of Wheaton, and these efforts have resulted in more than $163 million in private investment and nearly 1.5 million square feet of new development,” Montgomery County Executive Isiah Leggett said in a statement for the press. “At the same time, we want to preserve its unique, small businesses while ensuring that the quality of life in the surrounding residential neighborhoods is not only maintained but improved. We will accomplish all this while saving taxpayer dollars and improving our environment.”
“Wheaton is already a great place,” Leggett added. “This exciting project will make it even better.”