StonebridgeCarras, in joint venture with PN Hoffman, prevailed in an extremely competitive bid process for the development rights to two highly sought after surface parking lots in downtown Bethesda owned by Montgomery County.Known as "Lot 31", these sites, located at the corner of Woodmont Road and Bethesda Avenue, are situated at the heart of Federal Realty's renowned and successful "Bethesda Row" project. This location represents Montgomery County's best mixed- use development site and one of the best development opportunities in the Washington, D.C. market.
A key element of the Lot 31 development is constructing a 1,100 space underground public parking garage while respecting the adjacent neighbors, which range from single family homes to high rise office and residential buildings. The County awarded the development rights to StonebridgeCarras and PN Hoffman due to the superiority of the design and conceptual plan proffered by the team. The plan addressed the wide ranging needs of the neighboring properties, made significant improvements in pedestrian safety at this challenging intersection, enhanced the existing public amenities in the area and provided a unique design for the underground parking lot. There was significant community support for the proposed plan as it was endorsed by all neighboring properties. In addition, the proposal provided an innovative and mutually beneficial construction and economic deal structure. The resulting public-private initiative will enable the development team to build high quality residential and retail space in a submarket that commands among the highest retail rents in greater D.C. At the same time, the County will achieve its objective of addressing a severe shortage of public parking in downtown Bethesda.
Montgomery County has approved the venture’s LEED certified development plan for the 3.3 acre Lot 31 project, which includes up to 250 condominium units, 40,000 square feet of retail, 1,400 underground parking spaces, 1,100 of which will be controlled by the County for public parking, the re-alignment of Woodmont Road and major public amenities. The adjacent Capital Crescent Trail will be widened and public access seating and accommodation for bikers will support the use of this popular trail. The residences will include a combination of workforce, affordable and luxury condominium product comprised of studio units to 3 bedroom units with private decks.
Groundbreaking is expected in late 2009.