Search
 

Potomac Investment Properties Plans 422-Unit Project

MONTGOMERY COUNTY, MD-The Washington Metropolitan Area Transit signed a 99-year lease with Potomac Investment Properties, which plans to construct a 422-unit structure on the 15-acre site.

By Barbra Murray | Updated on March 22, 2002

MONTGOMERY COUNTY, MD-The Washington Metropolitan Area Transit Authority (WMATA) has given the go-ahead to Potomac Investment Properties (PIP) to construct a 422-unit apartment building near the Grosvenor North Metro station. WMATA committed to giving the real estate developer a 99-year lease on the 15-acre plot where the apartments will be built. The parties involved have not disclosed the price of the agreement.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.