Kettler to Build Mixed-Use High-Rise in Bethesda, Md.
After closing a construction loan with Helaba, developer Kettler unveils plans for a 101-unit high-rise in Bethesda, Md.
By Joshua Ayers, Senior Editor
Tyson’s Corner, Va.—Kettler has unveiled plans to construct a mixed-use, high-rise apartment community in Bethesda, Md., following the close of a land purchase and construction loan with lender, Helaba. The building, which will include 101 apartments, will rise at 7535 Old Georgetown Road, replacing the current structure occupied by United Bank. Demolition plans are underway, and United Bank will relocate to another location on Wisconsin Avenue. Construction on the new building is expected to begin in mid-2014.
“This is the third construction loan we’ve closed with this institution in the last 18 months,” says Leslie Furst, senior vice president of finance for Kettler. “Helabla continues to demonstrate its commitment and support to this market, our product and the sponsorship.”
The R2L Architects-designed building is currently being branded as Element 28 and when completed will offer one-, two- and three-bedroom floor plans. Retail space available will total 3,500 square feet. The community will be located near the Bethesda Metro Station and within walking distance of the Bethesda Row and Woodmont Triangle shopping districts in the city’s downtown.
Element 28 is targeting LEED Silver certification and will feature a host of green elements in addition to its extensive amenities list. The community’s green rooftop will feature panoramic views of the Washington D.C. metro area and will offer indoor and outdoor seating. Residents will also have access to a wine cellar, bicycle workshop, fitness center, private outdoor terraces and a public plaza with leaf-form architectural sculpture.
“The location of this property is exceptional,” says Asheel Shah, vice president of real estate investments for Kettler. “We’re expecting the activity brought on by residential commuters to undoubtedly reenergize this section of Old Georgetown Road and Commerce Lane. Living within walking distance of work, shops and entertainment are important to this demographic, all of which this community will provide.”
SK&A Engineering will handle the structural engineering, while Bohler Engineering will handle civil engineering. KBR Building Group was selected as the general contractor and Parker Rodriguez will serve as landscape architect.