BETHESDA BEAT – May 14, 2015
First phase of Quarry Springs project features units from $1.5 million to $4 million
A little more than a quarter of the condominiums have sold in the first phase of the Quarry Springs project on River Road in Bethesda.
Add in the reserved units for which negotiations have started and more than half of the almost 50 units could be sold soon, according to developer Larry Goodwin.
With first move-ins set for late September and with condos ranging from $1.5 million to $4 million, Goodwin said that’s a good sign for the ultra-luxury market his 1788 Holdings development company hopes to capture in Bethesda.
The company is also building The Lauren, the 29-unit building going up at Hampden Lane and Woodmont Avenue in downtown Bethesda.
It features a $10.5 million penthouse unit that could be the most expensive condo ever to sell in the Washington, D.C., area. The project turned heads in 2013 before construction even started with signs boasting of “Residences from the several millions.”
“Both of them will be iconic in their own way,” Goodwin said of the two projects.
Quarry Springs, which is being built at the old Stoneyhurst Quarry just west of the Capital Beltway, will feature a clubhouse with a library, grand salon, pool, yoga studio, spa and fitness center.
TTR Sotheby’s International Realty, which is handling sales at the project, hosted a grand opening of the clubhouse Wednesday with celebrity chef Bryan Voltaggio, who owns Range, Aggio and Lunch Box in Northwest Washington, D.C.
The 13-acre property will have four buildings near a 50-foot waterfall and a stream that flows past a gazebo and walking path.
“This one has one of a country club feel to it with a lot of land,” Goodwin said.
Goodwin said close to 90 percent of the Quarry Springs buyers so far are coming from Potomac addresses, a sign of older residents hoping to downsize out of their single-family homes.
While Quarry Springs is on the edge of Potomac, some have shown interest in the busier downtown Bethesda setting of The Lauren.
“What’s really surprised us is there have been a couple of Potomac people who have put in for units at The Lauren,” Goodwin said, “because there are whole social networks out here. That just feels like a long way, even though it’s not.”
Units at Quarry Springs range from 2,200 to 4500 square feet with standard 10-foot ceilings, crown molding and climate-controlled storage areas. Some units have large wrap-around balconies.
An underground garage will have “direct access” elevators that will open into each individual unit’s foyer. Residents will use key cards to operate the system. They’ll also be able to access the clubhouse through underground tunnels in case of bad weather.
The first phase includes two of the four five-story buildings, which will house a total of 97 units.
Goodwin said the two buildings on the other side of the site will start construction when the first phase is mostly sold. He predicted they’d be ready to open about two years after the first units open this fall.