Bethesda, MD-based Washington Property Company has broken ground for its latest and most upscale apartment complex on Metrorail’s Red Line in Montgomery County, MD. Solaire Bethesda, scheduled to deliver in 2016, will offer 139 luxury rental apartments with 6,400 square feet of ground-floor retail space and a two-level underground parking garage.
Strategically located at the corner of Wisconsin and Woodmont Avenues on the site of the former Eastham’s Exxon Servicenter, Solaire Bethesda will be just 800 feet from the planned southern entrance to the Bethesda Metro station and Purple Line light rail station. Riding Metro’s Red Line, Solaire Bethesda residents will be just 15 minutes from downtown Washington and Union Station, with easy access to the entire Washington metropolitan region as well as the Northeast Corridor via Amtrak. The Purple Line will provide quick east-west connections to Chevy Chase, Silver Spring, the University of Maryland-College Park, New Carrollton, and other destinations. In addition, WPC’s newest transit-oriented mixed-use development is just steps away from the popular shops, restaurants, and service establishments on Bethesda Row.
“Solaire Bethesda will set a new standard for modern urban living in Bethesda,” said Daryl South, Senior Vice President, WPC. “The property’s numerous amenities and proximity to downtown Bethesda’s renowned restaurants and retailers will attract residents who desire convenience and quality of life in one of the most coveted residential communities in the region.”
Amenities at Solaire Bethesda will include a residents’ lounge with billiards, bar, fireplace, and games; a club room; cyber café, a state-of-the-art fitness center; and outdoor terraces designed for a variety of activities including grilling, gathering, and sunning. Individual apartments, including the 21 MPDUs (moderately priced dwelling units), will feature up to nine-foot ceilings, expansive windows, spacious bedroom suites with large walk-in closets, and wood laminate flooring. Each kitchen will have stainless steel appliances, granite countertops, and contemporary cabinetry. Spa-inspired bathrooms will feature soaking tubs and natural stone countertops and floors. The entire project will be built to LEED Silver criteria.
WPC purchased the 25,000 square foot site at 7100 Wisconsin Avenue in July of 2011. Demolition of the former gas station structures began on June __. The $60 million development is being financed with a $42 million construction loan from RBS Citizens Bank.
Solaire Bethesda will be WPC’s third Solaire-branded luxury apartment community, following the 2012 opening of Solaire Silver Spring and the early 2014 opening of Solaire Wheaton. These distinct properties, totaling nearly 700 units, combine the finest amenities and unit finishes with close proximity to Metrorail’s Red Line. The Wheaton and Silver Spring developments provide the ultimate in convenient urban Metro-accessible living at rental rates substantially below those in Washington, DC.
In Silver Spring, WPC and Montgomery County are leading the Ripley District’s transformation from former light industrial use to a vibrant transit-oriented neighborhood with an exciting new mix of dining, shopping, housing, employment, and entertainment options. The Ripley District, which is adjacent to the Silver Spring Metro and multi-modal transit station, will eventually be home to up to 3,000 people with over two million square feet of mixed-use development.
WPC has been selected by Montgomery County to redevelop the Shepherd’s Table/Progress Place parcel just south of Solaire Silver Spring in the Ripley District. This project, still in the early planning phases, would provide a new relocated facility offering services to Silver Spring’s low-income and homeless population. Upon completion of the new Shepherd’s Table, WPC will start construction of a second Solaire residential tower with about 380 luxury apartments.
Based on its strong belief in the ever-increasing urban vitality of downtown Silver Spring, WPC is planning a third Solaire luxury apartment community at the corner of Georgia Avenue and Bonifant Street, just steps away from Metro. Early plans for this development call for some 350 luxury apartments over 16,000 square feet of restaurants and shops.
Washington Property Company (www.washproperty.com) is a full-service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing, and construction management.
WPC has developed more than eight million square feet of commercial space in the Washington, DC metropolitan area and currently has over 1.6 million residential square feet under development. WPC is actively pursuing office, multi-family, retail, and mixed-use development opportunities throughout the region. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.8 million square feet of commercial space.