The developer that brought Rockville The Upton apartments and Cambria Hotel is starting work on an 18-story building that will feature multi-family and senior living housing, ground-level retail and parking in downtown Rockville.
The mixed-use project will have 250 market rate multi-family residential units, 150 senior affordable residential units, 19,000 square feet of retail space and 600 parking spaces.
The project, Rockville Town Center Phase II, is expected to be completed sometime in the third quarter of 2021, Duball LLC President Marc Dubick said.
The building will be on a 1.5 acre site at the corner of East Middle Lane and Monroe Street, directly across the street from The Upton, which fronts Helen Heneghan Way. The site is a parking lot used by Regal Cinemas moviegoers.
Development for the building will begin almost immediately. The groundbreaking ceremony is scheduled for April 29, Rockville Mayor Bridget Newton-Donnell said.
“It will be nice to see a crane in Rockville and we look forward to having more residents,” Newton said.
Duball is partnering with Daiwa House Group and the Housing Opportunities Commission of Montgomery County. Duball will own the multi-family units and the retail space, while Daiwa House and HOC will own the senior living units, Dubick said.
In a news release, HOC said they will move senior residents from Town Center Apartments, which need to be upgraded, to the newly constructed senior units when the project is complete. Dubick said there are 112 senior residents in the Town Center Apartments.
Dubick said the project will complete the Town Center core and compliment the developer’s first Town Center project. Newton said The Upton is 100 percent leased.
The project has a budget of about $150 million, according to a news release issued last week by Duball. M&T Bank is providing construction financing for the project – $61.4 million for the market rate multifamily and retail components and $24 million for the senior housing component.
“We have had a long, successful relationship with the City of Rockville and look forward to this exciting project as the community continues to grow and thrive,” Dubick said. “We are pleased to develop this project in concert with Daiwa House Group and expect this to be the first of many projects in the partnership.”