WHEATON, MD—Montgomery County, StonebridgeCarras and Bozzuto have come to an agreement to redevelop downtown Wheaton. The ambitious design, spearheaded by the Montgomery County Department of Transportation, will add more than one-million square feet of mixed-use projects to Wheaton Triangle.
The plan is part of a larger vision Montgomery County Executive Isiah Leggett has for the submarket; earlier this year he increased the scope of the Wheaton town square plan, requesting the County Council approve nearly $144 million for the project. The new proposal was significantly larger than the original plan that called for a 150,000-square-foot building—and was based on the agreement that was in the works with Bozzuto and StonebridgeCarras.
Now completed, the public-private partnership deal calls for StonebridgeCarras and Bozzuto to build a 265,000-square foot office building where the existing County Regional Services Center is currently sited.
The new building will house the headquarters of the M-NCPPC, Montgomery County's Department of Permitting Services and Department of Environmental Protection, the Mid-County Regional Services Center and Wheaton Urban District.
New retail space on Triangle Lane, a new Town Square civic space next to the Wheaton Metro Station and some 200 apartment units are also in the plan, along with a 395-space underground parking garage. Some 20 to 30% of these units will be designated affordable housing.
In exchange, StonebridgeCarras and Bozzuto will acquire the current M-NCPPC site located at 8787 Georgia Ave. to redevelop into a 430,000 square-foot, mixed-use project, including 26,000 square feet of retail and 360 residential units.
The project will give a boost to this tiny community located between Silver Spring and Kensington spurring on the commercial activity that has been cropping up in the submarket over the past year.
Lowe Enterprises has completed the conversion of a Wheaton office building to a residential property. Washington Property Co. also delivered its own residential project here in early 2014 –the Solaire Wheaton. Montgomery County broke ground earlier this year on the first health facility it has built in more than 20 years—a 55,000-square foot building that will be located next to the existing facility at 2000 Dennis Ave.
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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.
