PIP has yet to reveal the cost of constructing the building. The project is in the preliminary stages, and the company's most immediate task will involve zoning. PIP will have to convince Montgomery County authorities to rezone the space, which is currently home to WMATA parking spaces and bus stops. Already, WMATA has planned to build a 2,000-space parking garage to replace the PIP space, which accommodated only 642 vehicles.
PIP will take on some responsibility--either construction or financial--for the new parking lot, on which construction is scheduled to begin in the next few months. PIP is no stranger to development in the area; it is currently constructing the nearby residential community Grosvenor Village, an 860-unit residential and retail project valued at $90 million.
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