County officials are relying on a $37.8-million lease revenue bonds package to fund the project. Part of that money is being used to finance a 2,100-space parking garage at the Shady Grove station. Washington Metropolitan Area Transit Authority is also participating in the development, having set aside money for the project in its $1.57-billion fiscal year 2002 budget.

Montgomery County is responsible for the design, planning and oversight of the project, all of which is subject to approval by WMATA. Upon completion the transportation organization will operate the facility. The garage is just one large construction project in-progress in the immediate vicinity. The structure will be in close proximity to the new residential project currently under construction, the $82.3-million, 499-unit Avalon at Grosvenor apartment complex.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.