BETHESDA, MD. — StonebridgeCarras, PN Hoffman, Northwestern Mutual and Montgomery County have broken ground on a $200 million, mixed-use development, located at the corner of Woodmont and Bethesda avenues in Bethesda.
The project will include the redevelopment of two surface parking lots into a building with 250 residential units and 40,000 square feet of retail space above a 950-car public parking garage. The residential component will include two portions. The 88-unit The Darcy will offer luxury condominiums, and the 162-unit The Flats will contain apartments.
“We are truly excited to start the construction of this project to meet the growing demand for luxury residential units in the heart of Bethesda,” said Monty Hoffman, CEO of PN Hoffman, in a prepared statement. “The market’s response to The Darcy condominiums has exceeded our expectations, and we will see interest grow significantly with the construction activity at the project.”
PN Hoffman Realty is directing sales for The Darcy and KNLB Retail is handling retail leasing. SK&I Architecture Design Group designed the project and Clark Construction Group is the general contractor. Northwestern Mutual is a financial partner and HFF arranged financing for the development.
“We are extremely proud to have been able to get this project underway after the many years of planning,” said Douglas Firstenberg, principal with StonebridgeCarras, in a prepared statement. “This project coming to fruition is a testament of an excellent vision and the commitment of the partners to the vision.”
The first phase, which includes the parking garage, is slated for completion in late 2014, and the second phase containing the residential and retail space is scheduled to open in the winter of 2015.
— Savannah Duncan