Potomac Investment Properties Plans 422-Unit Project

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.