ProMark is asking the County Planning Board to approve a reduction in retail space at East Village from 20,000 SF to only 5000 SF, a retail footprint more in line with a boutique condo building. The developer is clearly looking at market trends, which are all tailing downward in moribund Montgomery County. With the ultra-rich fleeing to lower-tax jurisdictions in the region, there is no longer a wealth base sufficient to support high-end retail, or provide the revenue to fund promised infrastructure and amenities in White Flint and other parts of the county.
Other cost-and-risk-reducing changes in the East Village project reflect the stagnation in the local economy. The originally proposed underground garage, standard in premium luxury buildings, is being replaced with above-ground parking. And the number of residential units is being reduced from 382 to 335.
The Planning Board will take up the proposed plan revisions at its July 18 meeting. Planning staff recommends approval of the changes. East Village will be located at the corner of Nicholson Lane and Huff Court.
|Montgomery County is on a fiscal trajectory|