Washington Property Breaks Ground on Maryland Tower
- Apr 30, 2020
Washington Property Co. (WPC) has broken ground on Solaire 8200 Dixon, a 26-story, $163 million residential tower in Silver Spring, Md. The full-service real estate firm partnered with the Cresset-Diversified QOZ Fund, a joint venture between Cresset Partners and Diversified Real Estate Capital, to provide equity for the Opportunity Zone project.
Clark Construction Co. plans to deliver the first apartments in mid-2022. Located in the Ripley District of Silver Spring, an edge city north of Washington, D.C., the property will bring 403 apartments to the market. Three quarters of the units will have one bedroom and the remainder will have two. Designed by Design Collective, the property will feature amenities from rooftop fitness center, pool and sky lounge to a catering kitchen and 24-hour concierge service.
The building will be home to the area’s first food hall and city market, a 15,000-square-foot space that will be open to the public. WPC has tapped Colicchio Consulting of Cushman & Wakefield to help plan, program and set up the space, which is being created by architect Eimer Design.
The property is located a short walk from the Paul S. Sarbanes multimodal transit station, which offers Metrorail, bus, commuter rail and trail service to downtown Washington. WPC has closed a $92 million construction loan from AXA Equitable Life Insurance Co. for the project.
The developer last year delivered Solaire 8250 Georgia Ave., a 20-story, 338-unit luxury community in Silver Spring.