Shady Grove Neighborhood Center will feature 200,000 square feet of office space, 100,000 square feet of retail, a hotel and as many as 1,600 residential units.
by Barbra Murray • Washington—Lantian Development LLC’s vision for a 31-acre site in Rockville, Md., near Washington, just moved closer toward realization. Lantian and partner 1788 Holdings LLC recently filed a project plan with the City of Rockville, outlining a mixed-use destination tentatively called Shady Grove Neighborhood Center and bearing an estimated development price tag of $650 million.
Submission of the project plan comes 18 months after Lantian and 1788 Holdings acquired the land, located along Shady Grove Road, in a $50 million deal. “Our plans call for the creation of a vibrant, mixed-use development that stitches together the residential portions of the adjacent King Farm and Upper Rock projects, while leveraging the commercial office and retail components that are needed in the Shady Grove area of Montgomery County,” Robert Elliott of Lantian Development told Commercial Property Executive. Along with news of the project plan, Lantian announced that Elliott, who joined the company as COO & executive vice president in July 2016, has just been promoted to CEO.
Designed by architectural firm Torti Gallas + Partners, Shady Grove Neighborhood Center will pop up where several outdated office buildings currently stand amid a swath of surface parking lots. It’s an ambitious undertaking. Per the project plan, an approximately 12-acre segment of the site will feature 1.3 million square feet of offerings, including 200,000 square feet of office space, 100,000 square feet of retail, a 100,000-square-foot full-service hotel and as many as 1,600 apartment residents, 12.5 percent of which will be reserved as moderately priced dwelling units. The remaining 18 acres will become home to as many as 300 townhomes.
“The site capitalizes upon the close proximity to a Metro Station and Interstate 270,” Elliott added. “We envision the creation of an edge, fronting Shady Grove Road, containing diverse residential offerings.” The pedestrian-friendly property will also encompass an ample amount of green space, some of which will be public.
As for details on financing for Shady Grove Neighborhood Center, the partners are remaining tight-lipped for the moment. “It is too early to address financial options, but we pursue traditional construction financing vehicles. We may also decide to seek venture partners for some of the residential subdivisions, once all entitlements are secured,” Elliott said.
Once the City of Rockville gives the project plan the thumbs up, Lantian and 1788 Holdings will pursue approval of the site plan, after which demolition activity can get underway.
Image courtesy of Lantian Development
Original Source: Commercial Property Executive // See Source