Multi-Million Square Foot Project Approved for Grosvenor Metro Station
Fivesquares Development had a master plan for a project atop Grosvenor Metro station unanimously approved by the Montgomery County Council, the Washington Business Journal reported. The 2 million-square-foot project will include both mid-rise and taller buildings up to 300 feet tall along Tuckerman Lane and Rockville Pike, respectively.
Fivesquares, a D.C.-based development company, was selected by the Washington Metropolitan Transit Authority (WMATA) as a joint-development partner on the project, according to the Washington Business Journal. WMATA owns the 14-acre project site. The project will bring up to 1,600 units, both rental and for-sale, along with retail to the area.
“This is the kind of transit-oriented development that we want to see here and it’s one of the last Metro stations on the Red Line,” Andy Altman, managing principal at Fivesquare, told the Washington Business Journal. “We really want to make sure we do it right, to build a community there.”
Work could begin as soon as next summer, starting with the expansion of the Grosvenor Metro garage by 412 spaces. The Washington Business Journal reported that Strathmore Square will be built on what is currently a surface parking lot for the station; construction on that element is set to begin in 2019.
"Each building is a stand-alone development that has to make economic sense,” Ron Kaplan, principal at Fivesquare, said to the Washington Business Journal. “We are self-financed to a point. Ultimately, you bring in construction financing and institutional equity.” Kaplan estimates the project could cost more than $500 million.
While the master plan was approved, each individual building will need to go through the Montgomery County site plan process, the Washington business Journal noted.