A luxury mixed-use project rises in Maryland
By: Jonathan Groner
The Washington Business Journal is reporting this week (Feb. 9-15, 2007) that Park Potomac, a $500-million luxury mixed-use community, is being built in Rockville, Md., just off I-270, in affluent Montgomery County.
The developer, Foulger-Pratt, plans to build 454 condominium units, as well as 570,000 square feet of office space, 145,000 square feet of retail, and a 156-room hotel. Those condominium units ... well, the first phase starts at $500,000 and goes up to $1.9 million per unit, and the second phase starts at $800,000 and goes beyond the $2 million mark. The idea is to market them to people whose kids have grown and who don't need their 5,000-square-foot homes any more.
A well-known suburban law firm, Shulman, Rogers, Gandal, Pordy & Ecker, has signed on as a tenant for 65,000 square feet of the office space and will move in around August 2009.
So some residents will be able to walk out of their apartment, do their shopping, and consult their attorney -- all without leaving the complex.
The developer, Foulger-Pratt, plans to build 454 condominium units, as well as 570,000 square feet of office space, 145,000 square feet of retail, and a 156-room hotel. Those condominium units ... well, the first phase starts at $500,000 and goes up to $1.9 million per unit, and the second phase starts at $800,000 and goes beyond the $2 million mark. The idea is to market them to people whose kids have grown and who don't need their 5,000-square-foot homes any more.
A well-known suburban law firm, Shulman, Rogers, Gandal, Pordy & Ecker, has signed on as a tenant for 65,000 square feet of the office space and will move in around August 2009.
So some residents will be able to walk out of their apartment, do their shopping, and consult their attorney -- all without leaving the complex.
Labels: condominium, luxury, Montgomery County
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