Bethesda Companies Plan Ambitious Project in Rockville
- Aug 14, 2015
Two Bethesda-based companies have joined forces to build a large, multi-functional project in Rockville.
Lantian Development and its joint venture partner, 1788 Holdings, have paid $50 million to acquire a 31-acre site in Rockville from TA Associates. But their plans don’t stop here. The joint venture intends to transform the land, which currently houses a 450,000-square-foot office park, into a mixed-use development with up to two million square feet of office, retail, hotel and residential space.
The 31-acre site is located on Shady Grove Rd., between Choke Cherry Rd. and Gaither Rd. It contains seven two-story Class B office buildings: 2 Choke Cherry Rd., 4 Choke Cherry Rd., 2092 Gaither Rd., 2094 Gaither Rd., 2096 Gaither Rd., 2098 Gaither Rd. and 15825 Shady Grove Rd.
In order to retain existing tenants and to increase occupancy, the Lantian/1788 Holdings partnership plans to invest immediately in the renovation of the last five buildings. This will be the first phase of what they expect to be a more than $500 million, 10-year project that will “shift the energy to this section of Montgomery County.” It will be followed by the demolition of the remaining two buildings and, upon final site approval from the county, by the start of construction for the planned mixed-use development.
“This office park is contained within an extremely fast-growing and highly desirable real estate sub-market, and our team recognized the underutilization of its current configuration,” Larry Goodwin, principal of 1788 Holdings, explained in a statement. “We intend to leverage the health and momentum of the surrounding commercial office, medical, retail and residential sectors, combined with the in-place transportation amenities, to create a mixed-use development that more completely serves the needs of the numerous constituents in close proximity.”
“Our construction and delivery strategy has been crafted in phases to reflect the expected short-term and long-term demand for the various real estate product types in the suburban Maryland marketplace,” Brian McLaughlin, CEO of Lantian, added. “When the development is completed, it will be pedestrian-friendly, encourage audience interaction and engagement, and establish a sense of place for the local community.”
“This is just the type of creative thinking and substantial investment that spurs economic development activity and attracts companies, retailers and consumers alike,” stated Montgomery County Executive Isiah Leggett, adding that the county is impressed with the JV’s plan.
The two companies intend to unveil the new branding of the project and the architectural renderings by early 2016.
Do you think this project is right for Rockville? Let us know in the comments below.