BETHESDA, MD–The Pacific Life Insurance Co. has provided a $60 million construction loan for the second residential building underway at the Woodmont Central project being developed by Donohoe Cos. and MPM Investment Co.
The first residential building, Gallery Bethesda, located at 4800 Auburn Ave., has delivered and is now being followed by a 240,000-square foot, 17-story tower at at 4850 Rugby Ave. Delivery is schedule for Fall 2018.
Together the 16- and 17-story buildings total 494,000 square feet and have 455 units plus 20,000-square feet of street-level retail. The three building will total 585,000 square feet.
Strictly a Residential-Retail Development?
Montgomery County Planning Board approved the multi-phase Woodmont Central project in 2011. The project was originally slated to have two apartment towers and an office building, all of which featuring street-level retail. But then in 2014, with the office asset class performing so poorly in the Washington DC area, Donohoe shifted course and proposed making the third building residential as well
Donohoe Development Co. is the developer of the project with Donohoe Construction serving as general contractor. WDG Architecture is providing architecture and urban design services for all three buildings in the 585,000-square foot development.
BETHESDA, MD–The Pacific Life Insurance Co. has provided a $60 million construction loan for the second residential building underway at the Woodmont Central project being developed by Donohoe Cos. and MPM Investment Co.
The first residential building, Gallery Bethesda, located at 4800 Auburn Ave., has delivered and is now being followed by a 240,000-square foot, 17-story tower at at 4850 Rugby Ave. Delivery is schedule for Fall 2018.
Together the 16- and 17-story buildings total 494,000 square feet and have 455 units plus 20,000-square feet of street-level retail. The three building will total 585,000 square feet.
Strictly a Residential-Retail Development?
Montgomery County Planning Board approved the multi-phase Woodmont Central project in 2011. The project was originally slated to have two apartment towers and an office building, all of which featuring street-level retail. But then in 2014, with the office asset class performing so poorly in the Washington DC area, Donohoe shifted course and proposed making the third building residential as well
Donohoe Development Co. is the developer of the project with Donohoe Construction serving as general contractor. WDG Architecture is providing architecture and urban design services for all three buildings in the 585,000-square foot development.
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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.
