Montgomery County officials announced today they have selected a developer to construct a 310-unit mixed-use apartment building on the site of Lot 43 on Woodmont Avenue in Bethesda.
The county selected Aksoylu Properties LLC to develop the surface parking lot, which is located next to the Bruce Variety store. The developer’s plan calls for an apartment building with at least 20 percent of the units moderately priced, which county officials said will add needed affordable housing to the area.
“This is a win-win for the county that provides great public benefits through enhanced economic development and the addition of affordable housing with more than 60 new units—all at no cost to the public,” County Executive Ike Leggett said in a statement.
Bonnie Ayers, a spokeswoman for the county, said now that a developer has been selected negotiations will begin to determine a sale price.
“Part of that process is the property will be assessed,” Ayers said. “There isn’t a figure at this point.”
The county expects to get a fair market value price for the property, according to Ayers.
The developer owns several properties on the block, which in addition to the lot will be used to build a 310-unit apartment building, with 248 market-rate units and 62 moderately priced units. The building will also have 13,600 square feet of commercial and retail space and 354 underground parking spaces, according to the county.
Under the county code, only 12.5 percent of the building’s units would have to be moderately priced, which would be about 39 units. The developer, however, has agreed to provide more units, according to the county.
“I look forward to working very closely with the Bethesda community and Montgomery County to develop a successful mixed-use project of which we can all be very proud,” Ahmet Aksoylu, president of Aksoylu Properties said in a statement. “This project will contribute to the economic growth of the county and increase the inventory of the county’s affordable housing stock through strategic redevelopment of underperforming public parcels in downtown Bethesda.”
