Friday, August 14, 2015

Developers acquiring Rockville office buildings with redevelopment plan in mind (Photo)

Bethesda-based real estate firms 1788 Holdings and Lantian Development have announced they are acquiring several Class B office buildings off of Shady Grove Road in Rockville. The site is about a mile from the Shady Grove Metro station, and adjacent to JBG's Upper Rock redevelopment projects. It is also across Shady Grove Road from the 270 Center shopping center.

These acquisitions are intended as a long-term investment for the partners, they say. The plan is to position the properties for both a short-term and long-term return. Five office buildings: 2092 Gaither Road; 2094 Gaither Road; 2096 Gaither Road; 2098 Gaither Road and 15825 Shady Grove Road, will be renovated and upgraded to attract new office tenants.

Eventually, two office buildings at 2 Choke Cherry Road and 4 Choke Cherry Road will be demolished. In their place, a mixed-use project will rise with ground-level retail, and residential units and hotel rooms above. Anchored by a yet-to-be-named grocery store, the development's name, branding and architectural design are scheduled to be unveiled in early 2016.

In a statement, Montgomery County Executive Ike Leggett said "the County is impressed with this plan." However, the County does not have planning jurisdiction over the properties - the City of Rockville Planning Commission will be the approving body.

The properties' seller was TA Associates.

Photo courtesy 1788 Holdings/Lantian Development

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