Lofts Being Proposed for North Bethesda Apartments
Retail areas would be phased out at North Bethesda Market complex near White Flint
North Bethesda Market Apartments
PHOTO COURTESY OF NORTH BETHESDA MARKET APARTMENTS
As development of multi-family residences grows, a North Bethesda apartment complex is seeking to shift its design to reduce lower-level retail space to make room for more apartments.
The North Bethesda Market apartments, on the west side of Rockville Pike across from the White Flint Mall site, opened about a decade ago with 411 units and 223,000 square feet of restaurant or retail space.
The applicant, Boston-based real estate and infrastructure investor CBRE Global Investors, has submitted a development application to the county Planning Board asking for permission to convert 14,259 square feet of “unenticing” retail area on the second floor of the 24-story high-rise building into 13 new apartment units.
Ten will be two-bedroom “loft style” apartments, and three are proposed as one-bedroom units that lease between $1,500 and $2,600 per month, according to a company website. Estimated rent price for the loft-style apartments are not listed, but two-bedroom units of various styles are listed between $2,200 and $4,100 a month.
CBRE Global Investors is one of the world’s leading asset investment managers with $105 billion in assets.
A county data report, released last week by the Montgomery County Planning Department, shows the number of multi-family units grew by almost 50 percent between 1990 and 2016.
Simultaneously, the number of homeowners among people younger than 35 declined by 17 percent, signaling a change in housing needs among county residents.
The development application also proposes converting the 2,000 square feet leasing office into common space for residents, which could include a yoga studio, conference space and concierge service.
Apartment units sit above retail space housing a Whole Foods Market.
The vision for North Bethesda Market is to transform an area “that lacked clear block structure or hierarchy,” and serve as a landmark for the White Flint district, according to the building’s Washington, D.C.-based architect HKS Inc. On campus is also an LA Fitness and other residential buildings.
Caitlynn Peetz can be reached at firstname.lastname@example.org