Business Notes: Shady Grove Project Completes First Phase of Financing
Plus: Medical marijuana license awards pushed back; Lockheed challenges Humvee bid
Rendering of Westside at Shady Grove
Financing secured for Shady Grove Metro project in Rockville
Developers Bozzuto, EYA and Carlyle Realty Partners announced Monday they have completed the first phase of financing for their new 45-acre, four-phase development at the Shady Grove Metro in Rockville. The new development, dubbed Westside at Shady Grove Metro, will eventually include 1,114 apartments, 407 townhomes, 37,000 square feet of retail, 130,000 square feet of office space and a public library. Construction on the first phase of development began in May and EYA has already begun selling townhomes, which start at $570,000.
Medical marijuana not expected to be available in Maryland until 2017
The Maryland Medical Cannabis Commission—the panel handling the rollout of medical marijuana in the state—announced Monday it will not award licenses to grow and process marijuana in the state until the summer. Members of the budding industry told The Washington Post Monday this means medical marijuana would likely not be available in the state until at least 2017. Already, prospective licensees have begun ramping up by buying land and leasing buildings in anticipation of receiving a potentially lucrative license, according to the report.
Lockheed Martin extends protest over Humvee bid
Bethesda-based defense giant Lockheed Martin is taking its fight over the next-generation Humvee contract to court. The company filed a preliminary injunction last week in the U.S. Court of Federal Claims in an attempt to stop rival company Oshkosh’s production of the Humvee, The Washington Business Journal reports. The move comes after Lockheed lost the $6.7 billion contract to Oshkosh to make the new vehicles. Lockheed’s court filing also follows the dismissal of its protest over the bid by the U.S. Government Accountability Office.