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From:
18A — May 11 - 24, 2012 — DelMarVa — Mid Atlantic Real Estate Journal
www.marejournal.com
D el M ar V a
Mid Atlantic R EAL E STATE J OURNAL ’ S A NNUAL S POTLIGHT Industrial & Distributions Centers
e t h e s d a , M D — StonebridgeCar- ras, PN Hoffman and Land transfer & commence construction of Montgomery Cty. proj. StonebridgeCarras, PN Hoffman, Northwestern Mutual announce B
Northwestern Mutual have completed the land transfer and commenced construction of their public private project with Montgomery County, for the development of a public parking garage that will be under a mixed-use project in the heart of Bethesda’s prime commercial district at the corner of Woodmont and Bethesda Aves. StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to re-develop the County’s two surface park- ing lots (commonly referred to as Lots 31 and 31A) into a mixed-use project featur- ing 250 residential units and 40,000 s/f of street retail above a public parking garage that will accommodate 950 cars. The $200 million project will be completed in phases with the first phase of the project to open being the new Montgomery County parking garage in late 2014 and the residential and retail compo- nents opening in the begin- ning in the winter of 2015. “We are extremely proud
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Lot 31 rendering
APPEARING MAY 25 - DEADLINE MAY 18, 2012
sites in the Washington area, joining with the Stonebridge- Carras and PNHoffman team as well as Montgomery Coun- ty,” said Matthew Ascher, director with Northwestern Mutual Real Estate Invest- ments. “This project reflects the long-term quality devel- opment that is a hallmark of our investment strategy.” The project has been de- signed by SK&IArchitectural Design Group and the Clark Construction Group is the general contractor for the project. Northwestern Mu- tual is a financial partner in the development. Holliday Fenoglio Fowler, L.P. ar- ranged the financing for the development. n
to have been able to get this project underway after the many years of planning – this project coming to fruition is a testament of an excellent vision and the commitment of the partners to the vision,” said Douglas Firstenberg, a principal with Stonebridge- Carras. “We look forward to creating a vibrant mixed-use project that builds on the great success of Bethesda Row.” Residential components of the development include The Darcy, an 88-unit condomini- um, and The Flats, a 162-unit apartment building. “Northwestern Mutual is glad to help spearhead rede- velopment of one of the best
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