Evolving market conditions are prompting the developer of a community near the Shady Grove Metro Station to change the mix of apartments, townhouses and condominiums.
A 90-acre plot owned by the county previously housed government warehouses and maintenance yards, but is in the midst of a multi-phase redevelopment aimed at providing a transit-oriented neighborhood with 1,520 homes on Crabbs Branch Way, a short walk from the Red Line Metrorail station.
The first batch of 148 townhouses on the property was completed in 2016 and the first apartment building – The Daley – with 333 units opened in 2017.
The apartments are fully rented and 17,000 square feet of retail space is about 94 percent occupied, according to EYA’s Vice President of Land Acquisition and Development McLean Quinn. With only about 15 townhomes awaiting sale, Quinn said developers are ready to continue with the project.
This week the Planning Board will consider a “minor but comprehensive” amendment to the property’s site plan that would allow developers to replace one of the four apartment buildings with 55 townhomes and convert a lot of townhouses into 100 for-sale condominiums. The number of units developed would decrease by one.
“The goal is to apply lessons we’ve learned about the market over several years to reach a broader range of demographics and price points,” Quinn said. “Essentially, we’re looking for a more diverse mix of townhouse products than what was originally approved to appeal to everything from first-time buyers to families and empty nesters.”
When the project is complete, there will be 211 moderately priced dwelling units and 116 workforce housing units, which are priced at lower than market value and intended to be affordable to those with incomes too high for moderately priced dwelling units.
Also included in submitted plans is a new dog park and landscaping on corner townhome lots.
Quinn said he hopes tenants will be able to begin moving into new townhouses by early 2020 and apartments by 2021.
Future approved development on the east side of the property will include 689 multi-family units, a 4-acre park and a school site.
Development is contingent on the county government and school system relocating a bus depot on the land.
The area around the Metro station has been adding housing and businesses in the last two decades, including the King Farm, as part of government efforts to locate housing near transportation centers, such as the Metro system’s Red Line.
Caitlynn Peetz can be reached at caitlynn.peetz@moco360.media
