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NOVO Buys Vacant Woodmont Triangle Building for $4.6M With Plans for Mixed-Use Development

BETHESDA, MD-The buyer, Novo Properties, has already applied for a permit to redevelop the lot into a 110-foot mixed-use property with 58 multifamily units and 2,800-square feet of ground floor retail

By Erika Morphy | erikamorphy | | Updated on June 30, 2016
The Steamers Seafood restaurant site The Steamers Seafood restaurant site

BETHESDA, MD–Washington DC-based NOVO Properties has acquired four contiguous lots totaling 8,342 square feet in the Woodmont Triangle submarket at an address that was once the home of the popular restaurant Steamers Seafood House. Today the building is almost unrecognizable from its glory days. The restaurant closed in August 2015; six month later it was condemned by Montgomery County after the roof collapsed from the January snow.

NOVO paid $4.65 million for the site — a price point that the property’s broker, Marcus & Millichap’s Josh Feldman, says is a reflection of the high-demand for available, developable space in this submarket despite the fact that the Bethesda Sector Plan has yet to be finalized. It had been expected to deliver this Spring to provide additional density. Currently As a developer can build out about 25,000 square feet, not including possible bonus density for moderately priced units.

A Mixed-Use Development

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