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Numerous new projects will make finding a luxury
condo easier and buying one less expensive—though
not cheap
By Ira Apfel
The kids are gone, the house is too big, and you want to be closer to where
the action is. So you decide to sell your house and buy a luxury condo in
downtown Bethesda or another commercial district. Until recently, that was
easier said than done.
For the last several years, demand for luxury condominiums was much greater
than the supply—leaving potential buyers frustrated and prices soaring. But
now a number of new condo projects are being built or soon will be. And in
the next five to 10 years, more will be on the way, with the redevelopment
of Bethesda’s Woodmont Triangle. As a result, consumers now have more choices.
And prices—while not cheap—have moderated.
Here’s a look at upcoming luxury condo projects in
Bethesda, Chevy Chase and North Bethesda. (In the May/June
issue, Bethesda Magazine will highlight luxury
condos in Potomac, Rockville and Silver Spring.)
8400 Wisconsin Avenue
Where: 8400 Wisconsin Avenue and Battery Lane
in Bethesda
Developer: 8400 Group
Status: Construction to begin by December 2006
Estimated completion date: Late 2008
What: A nine-story complex consisting of 200
condos in three towers featuring one-, two- and three-bedroom
units
Prices: Unavailable
Availability: Units will be on sale by May
Metro Station: Medical Center
Web site: www.patrinelygroup.com
The Skinny: “Our goal is to create the finest condominium residence
in Bethesda,” says Len O’Donnell, principal of The Patrinely
Group, which is developing the project. This condominium,
which is currently the Clarion Hotel, will offer a concierge,
pool and fitness center, but its most unique feature
will be a community arts incubator for local artists
to display their latest works to the public. The arts
space will be located between buildings in a courtyard
that connects to a park at the National Institutes of
Health. “We donated 2,000 square feet in our ground
floor to be the arts incubator space for local artists,”
says O’Donnell of the arts space, which will take the
place of traditional retail. “We believe it will bring
a lot of life to the area and pull people to the building.
This site and the downtown Bethesda market are the perfect
combination of demographics and lifestyle to meet what
we’re trying to develop.”
Lionsgate at Woodmont Corner
Where: Old Georgetown Road and Woodmont Avenue
in Bethesda
Developer: Woodmont Triangle Limited Partnership
Status: Demolition of existing structure was
scheduled to begin in February
Estimated completion date: Early 2008
What: A 12-story, 131-unit building with one-bedroom-and-den
and two-bedroom-and-den residences. Units will be as
large as 2,500 square feet
Prices: $600,000 to $2 million
Availability: Units will go on sale by early
April
Metro Station: Bethesda
Web site: www.lionsgatebethesda.com
The Skinny: Sales on this luxury condominium will start by April,
says Ron Smith, senior vice president of The Mayhood
Company. “Bethesda is one of those markets where there’s
a lot of pent-up demand for this kind of product,” he
says. “When the market slows, great locations will remain
strong, and downtown Bethesda is one of the more desirable
locations for sure.” There will be retailers located
on the first floor, but no leases have been signed.
Day spas or coffeehouses are two possible candidates,
Smith says. “We are anticipating that we’ll get a lot
of people who live in single-family homes who still
want to stay and live and shop in Bethesda,” says Smith.
Amenities will include Viking kitchen appliances and
a fitness center featuring cardio theater equipment.
4901 Hampden Lane
Where: Hampden Lane and Woodmont Avenue in
Bethesda
Developer: Triumph Development
Status: Awaiting county approval
Estimated completion date: Unknown
What: A 95,000-square-foot condominium with
as many as 65 units
Prices: Not available
Availability: Unknown
Metro stop: Bethesda
Web site: www.triumphdev.com
The Skinny: Triumph hoped to start this project
in mid-2005 but neighborhood opponents persuaded the
Montgomery County Council to reject the proposal. To
appease critics, Triumph lowered the height on the northwest
corner of the building to six stories (it is seven stories
overall) and toned down the modern design. “We changed
some building materials so there’s more brick now,”
says Michael O’Connor, development manager.
O’Connor says that most opponents support the new proposal
and anticipates county approval within a year. Because
the development has yet to be approved by the county,
O’Connor would not discuss prices or amenities.
Corner of Woodmont and Bethesda avenues
Where: Surface parking Lot 31, across from
Barnes & Noble in Bethesda
Developer: PN Hoffman and Stonebridge Associates
Status: Awaiting county approval
Estimated completion date: Unknown
What: 220 units, including 65 affordable housing
units, in two mixed-use buildings with 40,000 square
feet of retail on the ground floor
Prices: Approximately $600,000
Availability: Developers hope to break ground
in 2008
Metro Station: Bethesda
Web site: www.pnhoffman.com
The Skinny: Condominiums and retailers will
be located in the two structures—a larger building in
Lot 31 and a smaller one on Lot 31A across the street.
Some of Lot 31’s residences will be town house-style
and face the neighborhood to maintain a low profile.
To keep the area safe for pedestrians, Woodmont Avenue
will be slightly altered to slow vehicle traffic. No
designs or amenities have been offered yet. A preliminary
plan called for 214 units, including 65 moderately priced
units.
Chase Point Condominiums
Where: 4301 Military Road in Friendship Heights (at the intersection
of Western Avenue)
Developer: PN Hoffman and Stonebridge Associates
Status: Under construction; now selling
Estimated completion date: Late 2006
What: A 107-unit condominium—two bedrooms and
den or three bedrooms and den, approximately 1,000 square
feet to 3,000 square feet
Prices: From the mid-$900,000s
Availability: 20 units remain
Metro: Friendship Heights
Web site: www.pnhoffman.com
The Skinny: Situated within a block of Mazza
Gallerie, Metro and the new Chevy Chase Center—and two
blocks from the high-end shopping at The Collection,
Chase Point is at the center of the Friendship Heights
action. PN Hoffman CEO Monty Hoffman says Chase Point
will be an active participant in the neighborhood. “Chase
Point, although very sophisticated in design and taste,
is not a gated community,” he says. “Chase Point engages
the neighborhood by opening up to it on all four sides
and inviting the neighborhood in on its manicured, serene
park. The homeowners of Chase Point will not only
use the exclusive fitness center and party lounges inside
but will also walk across the street to eat at Clyde’s
or shop at Tiffany’s on any given day.” Chase Point
boasts Viking kitchen appliances, custom cabinetry,
a 24-hour front desk and an owners’ suite for special
events.
Midtown Bethesda North
Where: 5750 Bou Ave. in North Bethesda
Developer: KSI
Status: Under construction; now selling
Estimated completion date: Mid 2007
What: A 230-unit condominium just off Rockville
Pike; one- to three-bedroom units. Located next to a
Target store and Montrose Crossing Shopping Center on
Rockville Pike, Midtown Bethesda North is situated close
to the Metro, major roadways, shopping and dining
Prices: $436,000 to $1 million
Availability: 55 percent sold
Metro: Twinbrook
Website: www.midtownbethesdanorth.com
The Skinny: Units in Midtown Bethesda North will feature hardwood
flooring, granite countertops, GE Profile appliances,
walk-in closets, pre-wiring for plasma TV and private
balconies. Penthouse units feature GE Monogram appliances,
separate dining rooms, 10-foot-high ceilings, soaking
tubs and controlled elevator access. There will be 24-hour
concierge service and a pool on the roof. The building
is located two blocks from Twinbrook Metro station.
The Gallery at White Flint Place Condominium
Where: 11710 Old Georgetown Road in North Bethesda
Developer: White Flint Place Limited Partnership
Status: Completed
What: A 453-unit condominium at the corner
of Old Georgetown Road and Rockville Pike in two 16-story
towers; studios to three-bedroom units
Prices: $300,000 to $800,000
Availability: Fifty percent of units are still
available
Metro: White Flint
Web site: www.gallerycondo.com
The Skinny: This is a high-end development
featuring marble floors in the lobby and a 24-hour front
desk concierge. Terraces in the penthouse units
have views of Tysons Corner and Rock Creek Park. Amenities
include a parlor room with a grand piano, a billiards
room and a theater room. There is also a computer-equipped
business center, a pool and fitness center.
The Monterey
Where: 5901 Montrose Road in North Bethesda
Developer: Triton Pavilion
Status: Under renovation
Estimated completion date: Spring 2006
What: A 432-unit condominium close to the intersection
of Montrose Road and Rockville Pike in three 16-story
towers; one- to three-bedroom units
Prices: $321,900 to $831,000
Availability: Units will go on sale in May
Metro: White Flint
Website: www.themontereycondos.com
The Skinny: The Monterey is the latest in a string of apartment
complexes around the area being converted into condominiums.
Triton Pavilion, a division of Annapolis-based Triton
Real Estate Partners, is spending $34 million on upgrades,
which will include new kitchens and washer/dryers in
every unit. The ground floor of the complex will feature
4,500 square feet of retail space. No retailers have
signed yet, says Doug Lashley, senior director of operations
for Triton Pavilion.
The Morgan
Where: 12000 Chase Crossing Circle in North
Bethesda off Montrose Road
Developer: The Meridian Group
Status: Under construction; now selling
Estimated completion date: Late 2006
What: 132-unit condominium formerly known as
Avalon Crossing apartments; two-bedroom units only
Prices: $392,000 to $620,000
Availability: 85 percent of units remain
Metro Station: Twinbrook
Web site: www.morgancondos.com
The Skinny: This project started converting in August and is the
first residential project by The Meridian Group, a commercial
developer better known for its Metro Center complex
in downtown Bethesda. “This property is one of the most
unique in the area; it’s really tucked away,” says Matt
Rogers, sales associate for The Bryan Group, which is
acting as the broker. “It’s a gated community with direct
access to Montrose Road and Rockville Pike, but with
the privacy of being 200 feet away from the street.
You can’t hear any noise. And a majority of the units
face a courtyard.” With 57 units featuring attached
garages, Rogers figures the Morgan will appeal to anyone
who wants to ensure the safety of their car. “Our target
market is empty nesters and first-time home buyers,”
he says.
TenTenOne Grosvenor
Where: 10101 Grosvenor Place in North Bethesda
off Grosvenor Lane
Developer: Sidney Fetner Associates, Inc.
Status: Construction complete; now selling
What: 404 one- and two-bedroom units
Prices: $297,000 to $691,000
Availability: 214 units available
Metro Station: White Flint
Web site: www.tentenone.com
The Skinny: This condominium is being converted
from an apartment complex formerly known as Grosvenor
House. It offers a fitness center with flat-screen televisions,
a courtyard and pool, a tennis court, 24-hour concierge
service, a media room for private screenings and a WiFi-enabled
resident lounge that allows for wireless computing.
Ira Apfel is a freelance writer living in Bethesda.
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