The JBG Companies appears to be looking to sell the property on which it had planned to build one of the largest proposed projects in the developing White Flint area.
A brochure from the real estate firm Holliday Fenoglio Fowler advertises the property as a 3.8-acre mixed-use development “complete with approved plans with a potential for 740,000 [square feet] of mixed-use development.”
The release of the brochure implies that the company is poised to sell the property, rather than develop it. However, the development firm did not respond to calls and emails about the property.
If the property is sold, it could be one of the biggest sales ever in Montgomery County, according to sources in the local commercial real estate market, who say there are few buyers in the country with the financial means and sophistication to complete a deal this large.
JBG’s plans for the lot at the corner of Rockville Pike and Nicholson Lane call for what might have been the tallest building in the county, measuring 300 feet. The building’s design features a jutted glass façade that framed a ground-floor swimming pool. Nearby the company planned to build a boutique condo and smaller retail buildings nestled in with existing office buildings.
The property is adjacent to JBG’s North Bethesda Market, where residential units are located above restaurants, businesses and the Whole Foods Market grocery store.
The brochure advertises the redevelopment potential of the site, which is home to low-rise office buildings known as the Woodglen Office Park and restaurants including Paladar Latin Kitchen & Rum Bar and Quincy’s South Bar and Grill. The property is zoned for up to 200,000 square feet of commercial space, 464 residential units and parking for about 700 vehicles, according to the brochure. Also listed in the brochure are the rights to a long-term lease on the 5.4-acre Lutrell parking lot, which is located across Woodglen Drive from the property and contains 450 parking spaces.
