groundbreaking

The projects, he says, are two residential and one office development with aggregate costs--should all three come to fruition--of $175 million. The investments are part of the company's larger strategic interest in Montgomery County, which it believes will be delivering long-term, consistent growth.

The company is also working on signing up preleases for its latest office project here: Redland Corporate Center, a joint venture project of Perseus Realty and Prudential Real Estate Investors that the firms say will be the largest speculative office development in both Montgomery County and the city of Rockville. Bolton says no preleases have closed yet, although that is hardly surprising given that delivery is expected for mid-2009.

The first building, located at 530 Gaither Rd., will have 210,240 sf of space on nine floors; the second, at 520 Gaither Rd., will have 136,430 sf on six floors. Both buildings will meet the new General Services Administration setback and security requirements for Federal tenants and will be LEED certified. There is also an existing 139,000-sf building on the site that is fully occupied by the US Department of Health and Human Services. Perseus is also developing a six-story structured parking garage. Cassidy & Pinkard Colliers will provide pre-delivery operational support and property management services for both office buildings.