Two prominent home builders have reportedly purchased one of Bethesda’s largest pieces of undeveloped real estate.
Maryland Newsletters, a bi-weekly real estate newsletter publication, reported this week that Cumulus Media has selected a partnership of Winchester Homes and Toll Brothers as the buyer of a 75-acre tract of land currently home to four radio towers near the I-270 spur. The report did not list a purchase price.
The real estate firm CBRE advertised the property as an “extremely rare development opportunity” that could be developed into up to 300 homes on ¼-acre lots under current zoning in Montgomery County.
Representatives from Winchester Homes or Toll Brothers were not immediately available to confirm the purchase or comment on their plans for the property.
The radio towers are used by the WMAL radio station. Cumulus acquired the land at 7115 Greentree Road when it purchased WMAL’s parent company, Citadel Broadcasting Corp., for $2.5 billion in 2011.
A Cumulus spokesman said WMAL would lease transmission facilities somewhere else after the property is officially sold and shouldn’t be affected by the loss of the towers, according to The Washington Post.
Bethesda-based Winchester Homes is currently developing a neighborhood of single-family and townhouses in Cabin Branch in Clarksburg. Toll Brothers, which is based in Horsham, Pennsylvania, is developing the Hampden Row condos in downtown Bethesda as well as the 62-home Shady Grove Crossing in Derwood.