$75M Luxury Apartment Project Comes to Wheaton, MD
- Jun 21, 2012
By Adrian Maties, Associate Editor
After six years of planning, the Washington Property Co. has finally started work on Solaire-Wheaton, a $75 million luxury apartment development in Wheaton, Md. The project was put on hold during the recession.
WPC is constructing the Solaire-Wheaton on the site of the former First Baptist Church of Wheaton, adjacent to the Westfield Wheaton Mall. The company purchased the 50-year-old building and its land in 2005. It also helped the church, renamed Streams of Hope, relocate to Olney.
The 232-unit luxury apartment community is located just two blocks from the Wheaton-Glenmont station on Metrorail’s Red Line. Sixty percent of the units will be one-bedroom apartments, while 30 percent will be two-bedrooms and 10 percent will be studios.
Atlanta-based The Preston Partnership designed the project, expected to achieve a LEED certification. It will offer its tenants modern features such as stainless steel appliances, granite countertops, wood laminate flooring, fine cabinetry and large windows and balconies. The new building will have a cyber café, a swimming pool, a fitness center, a business center, as well as a lounge with billiards, bar, indoor and outdoor fireplaces and a variety of games.
“The groundbreaking of Solaire-Wheaton marks another step in the ongoing revitalization occurring in downtown Wheaton,” said Daryl South, senior vice president of development.
RBS Citizens Bank provided financing for the project. The Clark Builders Group is the general contractor, while property management and leasing services will be provided by Gables Residential. WPC experts to start leasing in September 2013.
“The recession put a hold on our plans for several years, but now Wheaton is turning a corner, with more than 1,000 new apartments built or in the pipeline, a new Safeway and Costco, and planned relocation of the Maryland National Capital Park and Planning Commission offices.” said Charles Nulsen III, the company’s president.
Bethesda-based Washington Property Co. is a full-service commercial and residential real estate firm established by Nulsen. Its services include acquisitions, land use, development, property management, leasing and construction management. In May, the company completed a 295-unit apartment high-rise in Silver Spring called the Solaire-Silver Spring.
Click here for more market data on Washington, D.C.
Image courtesy of http://www.washproperty.com.