(Read more on the multifamily market.)
SILVER SPRING, MD-Washington Property Co. is adding multifamily development to its roster of construction expertise--and it will be doing so in the burgeoning Silver Spring submarket. The company has assembled three parcels of land, located at 1050 Ripley St. that it anticipates developing into a $93-million luxury apartment building next year.
Currently the company is putting together a detailed site plan for approval, Charles K. Nulsen III, president of Washington Property and former chair of the Downtown Silver Spring Alliance, tells GlobeSt.com. Construction is expected to begin in Q3 2008 with delivery scheduled for Q3 of 2010. The 306,000-sf, 16-story building will have 305 units ranging from studios to one and two bedrooms. There will also be three-and-a-half levels of below grade parking and a brick and precast exterior. WDG Architecture is the designer.
Nulsen is banking on the ongoing development of Downtown Silver Spring, a submarket that has revitalized almost beyond recognition. The next wave of building is expected to be in the submarket's urban core, now largely populated with warehouses. "Many of these are being bought up for redevelopment," he says. WPC owns a retail property here and a 250,000-sf office building on Georgia Avenue.
WPC's retail space--8616 Cameron St., a 48,420-sf, two-story building now occupied by L.A. Fitness--was recently financed by Penrose Financial Services, LLC, for $9 million. Citigroup Global Markets Realty Corp. provided the 10-year fixed rate loan. WPC had renovated the property redesigning the exterior to incorporate glass and metal panels with floor to ceiling glass on the upper level along Cameron Street. "Silver Spring is one of the hottest markets in the region," Nulsen says. The company doesn't have any other approved projects for the submarket aside from its multifamily project. However,"We are well positioned to identify opportunities as the area continues to mature and evolve," he adds.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
