The 17-story residential tower almost complete in Bethesda’s Woodmont Triangle is switching back to rental apartments after failing to sell enough of the building’s 244 units as condos.
Matt Blocher, senior vice president and director of marketing and communications at The JBG Cos., said Monday the Chevy Chase-based developer will revert back to renting out the units at 7770 Norfolk, at the corners of Norfolk and Fairmont avenues.
The switch back to rental apartments—JBG converted the project from rentals to for-sale condos in April—was first reported by Bethesda blogger Robert Dyer.
“The property was well-received by the public and achieved the desired sales pricing, but unfortunately, we learned that the condominium sales pace in Bethesda is lower than is required to sell 200 units in a timely manner,” Blocher wrote in an email to Bethesda Beat. “Ultimately, the submarket seems to be geared toward smaller buildings, where this pace creates an acceptable outcome of sales time period.”
JBG opened a 7770 Norfolk sales center in July in a vacant storefront a block away from the project.
With units ranging from 450 to 1,900 square feet and priced at $300,000 to $1.4 million, the project offered more affordable condo units than what’s available at newer projects such as The Darcy and The Lauren.
“I’m disappointed. [7770 Norfolk] was providing affordable condominiums, at least compared to what’s available in Bethesda Row. These units were, in some cases, half the price of what Bethesda Row condos are going for,” said Jane Fairweather, a Bethesda Realtor who has been closely monitoring the downtown area’s condo market. “You don’t start selling in the late fall market and expect that there’s going to be a mob of buyers. With condos, you have to have long sales periods because a lot of people who are buying are downsizing and also have to sell their houses.”
Blocher said the leasing gallery at 7770 Norfolk will open in mid-February.
Community, the restaurant set for the ground floor of the building, hasn’t been built out but has posted a notice that it’s seeking an alcohol license from the county liquor board.
