"We want to make sure that everybody in Montgomery County has a place to live." This was the statement made by Council President Andrew Friedson just before cutting the ribbon at Strathmore Square in North Bethesda, Maryland.Nestled against Rock Creek Park and adjacent to the Grosvenor-Strathmore Metro station, Ravel and Royale represent the latest affordable housing development in the...
Real Estate News
Akridge and National Real Estate Development have revealed the initial fitness and office additions to The Stacks in Washington, D.C.: Launch Workplaces, a provider of coworking and flexible office solutions, alongside a new community gym concept from Balance Gym and FLEX. Co-owned by Akridge, Bridge Investment Group, Blue Coast Capital, and institutional funds managed by National, the first phase...
The Peterson Companies have received approval to redevelop a former office site in Fair Lakes into a project featuring up to 380 new apartments, signaling an increase in residential development in the area. Fairfax County lawmakers unanimously approved the rezoning of the 4.4-acre parcel at 12801 Fair Lakes Parkway, previously occupied by the 1980s-era Parkway Woods office building, during their...
Major Shift for Maryland Property Investors: 2024 Renters’ Rights Stabilization Act Brings New Rules
We would like to inform all residents that, effective October 1, 2024, the State of Maryland has implemented the new Renters’ Rights Stabilization Act of 2024 (RRSA). This significant legislation introduces key changes to rental agreements within the state, including the following provisions: 1. Lower Security Deposit Maximums: New limits have been established for security deposits, making renting more...
The nation's industrial market showed continued signs of slowing in the third quarter, extending a two-year cooling period following its pandemic boom. However, analysts suggest that the market may be nearing its bottom. Preliminary data from Savills reveals that the U.S. industrial vacancy rate reached 7.4% in Q3, marking a 350-basis-point increase from two years ago and representing the highest...
The team responsible for the next growth phase of the Parks at Walter Reed is proposing a significant change: replacing condos with larger townhomes. Bethesda-based Urban Atlantic, Reston homebuilder NVR Inc. (NYSE: NVR), and architect BKV Group submitted plans this week to the D.C. Historic Preservation Office for 62 four-story townhomes on parcel H/K at the intersection of 13th Place and Dahlia...
The number of new contracts remains robust as we approach fall, with 6,091 new contracts recorded in the area for the week ending September 29. This represents a 13.4% increase compared to the same week last year, indicating that buyers are gaining confidence in the market as mortgage rates decline and inventory rises.During the same week, there were 78,849...
The Gaithersburg City Council has unanimously approved the preliminary redevelopment plan for the Lakeforest Mall site, setting the stage for revitalization efforts that leaders hope will reenergize the Maryland suburb.During a special session on Thursday night, the council endorsed a plan that includes 250,000 square feet of “large-format retail space” and another 220,000 square feet...
Plans are advancing for a new residential building in Friendship Heights. Donohoe has submitted a planned unit development (PUD) application to DC for a 127-unit project at 4201 Garrison Street NW, just off Wisconsin Avenue. Initial details were shared with the public in March. The five-story building will feature a mix of one- and two-bedroom units, along with a penthouse level that includes about...
A downtown hotel that shut its doors during the pandemic is set to reopen as luxury apartments in early October. Redwood Place will welcome its first residents next month in the former Hotel RL located at the corner of Calvert and Redwood streets. The 10-story building at 207 E. Redwood St., originally built in 1905, is nearing completion of its transformation into a modern 130-unit luxury apartment...