StonebridgeCarras, PN Hoffman and Northwestern Mutual have completed the land transfer and begun construction of a public parking garage that will be under a mixed-use project at Woodmont and Bethesda avenues in Bethesda's commercial district.
StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to redevelop Montgomery County’s two surface parking lots into a mixed-use project in a $200 million project that includes 250 residential units and 40,000 square feet of street retail above a public parking garage that will accommodate about 950 cars.
The project will be completed in phases, with the first phase, the new Montgomery County Parking garage, slated to open in late 2014. The residential and retail components are scheduled to begin opening in the winter of 2015.
The development includes The Darcy, an 88-unit luxury condominium, and The Flats, a 162-unit apartment building, seeking to meet "the growing demand for luxury residential units in the heart of Bethesda," said Monty Hoffman, CEO of PN Hoffman.
Arthur Holmes, director of the Montgomery County Department of Transportation, said the project critically needed parking and traffic and pedestrian improvements to the busy intersection.
Sales at The Darcy are being directed by PN Hoffman Realty, while retail leasing is being handled by KNLB Retail. The project was designed by SK&I Architectural Design Group and the Clark Construction Group is the general contractor.