A Metro planning committee approved a proposal to seek new ideas for private mixed-use development of the Forest Glen Red Line station on Thursday, along with a pair of subway stops in Prince George’s County.
Each of the Maryland stations, and a fourth in Virginia, have attracted unsolicited inquires from potential developers, Stan Wall, Metro’s director of real estate and station planning, told the Washington Metropolitan Transit Authority’s Planning, Program Development and Real Estate Committee.
In the case of Forest Glen, Metro is promoting a Silver Spring neighborhood in the busy Georgia Avenue corridor that has been overlooked by commercial developers since the station opened in 1990.
“While residential will be a component of the site, we also envision a mix of uses including neighborhood-serving retail, as well as the potential for office or medical office uses that might align with the Holy Cross (Hospital) that is undergoing significant expansion a few blocks away from this property,” Wall said.
The site offers open space for potential development on 8 acres that are used for surface parking, a kiss-and-ride area and a bus loop. Metro typically seeks garage parking as part of any development.
Forest Glen has 596 all-day parking spaces and 45 short-term metered spaces.
The property has a prime location on the west side of Georgia Avenue a few blocks north of the Beltway exit to downtown Silver Spring and Wheaton. The station entrance sits opposite the Forest Glen Medical Center office building and is a five-minute walk to Holy Cross.
Also on Metro’s development solicitation list this year are the West Hyattsville and Largo Town Center stations, where Prince George’s County officials are pushing for heavy redevelopment.
WMATA previously awarded development rights at West Hyattsville in 2005 but the plan was terminated in 2009 because of the recession, Wall said. The Green Line station offers 28 acres, including a surface parking lot with 453 daily spaces and 80 short-term spaces.
West Hyattsville is part of the county’s greater Chillum redevelopment area and sits between the Prince George’s Plaza and Fort Totten stations, which both are undergoing significant redevelopment.
“We hope to build upon that momentum here at West Hyattsville,” Wall said.
Metro also is looking to piggyback development at the Largo Town Center station, where the county is in final negotiations for construction of a new regional medical center in partnership with the University of Maryland. The site has 36 acres available and provides 2,200 daily parking spaces and 141 short-term spaces.
Chevy Chase-based Federal Capital Partners of announced that it sold the 290-unit Overlook Manor Apartments complex in Frederick for $23.05 million.
The firm made a quick profit on the garden apartment project, which it acquired for $19.3 million in 2011.
The company invested in capital improvements to the common areas, leasing center, landscaping and signage, Federal Capital managing partner Alex Marshall said in a press release.
The firm bought the property, at 1208 Alban Court, along with the 722-unit Brookside apartment complex (now called Willowdale Crossing) in Frederick for $50.5 million.
Federal Capital was represented in the sale by broker ARA.
Lennar/US Home Corp. bought the planned Garnkirk Farms residential project in Clarksburg for $16 million, according to the Hogan Cos., which brokered for the off-market deal.
The property, which sits off I-270 near Clarksburg High School, was approved last year for 190 townhouses and 18 single-family houses. The seller, the Duffie Cos. of Silver Spring, retained control of space approved for 184 apartments.
The deal represents one of the shrinking opportunities to build homes other than multi-family projects in Montgomery County.
The BWW Law Group is relocating to North Bethesda from downtown Bethesda, according to Cresa Washington DC, which brokered the move.
BWW signed for 38,000 square feet at 6003 Executive Blvd., a 110,000-square-foot property owned by Washington Science Center Joint Venture. The firm plans to move in August from 4520 East-West Highway.
Fastenal, North America’s largest distributor of fasteners, has signed two leases with St. John Properties, Inc. in the Frederick area totaling more than 10,000 square feet of space.
The firm, which operates more than 2,600 stores throughout the United States, Canada and Mexico, signed a lease for 6000 square feet at 5115 Pegasus Court, in Westview Business Park and 4,020 square feet at 8420 Gas House Pike in Riverside Technology Park.
Danny Severn of St. John Properties represented the landlord and Chris DeLuca of McHenry Project Consultants represented the tenant in both transactions.
Fastenal, based in Winona, Minn., will use the space to market a wide variety of products targeting the construction and industrial sector, including hand, power and cutting tools, electrical and plumbing supplies and office products and furniture.
Fastenal selected two separate locations in Frederick to provide for its customers on the northern and southern sides of town. Westview Business Park is a 430,000 square foot business community on the southern side of Frederick at the intersection of Interstate 270 and Md. 85. Riverside Technology Park is a 490,000 square foot business community on the northern side of town.