Gaithersburg Apartments Celebrate Start Tomorrow

Archstone will hold a ceremony tomorrow morning to celebrate the start of their "Archstone Olde Towne" project. The mixed-use development will replace several old buildings with a 389-unit, four-story apartment building with 15,000 s.f. of ground-floor, street-front retail. Preston Partnership designed the building, in a form intended to reflect historic Gaithersburg structures. Archstone broke ground on the project on December 30th, and has since changed the name from "Westchester Olde Towne."

The project is a block from the Gaithersburg MARC Rail Station, and will feature "beach-entry lagoon-style pool," "re-oxygenating fitness center," and in-house pet salon for sundry four-leggers. The Gazette reported that Archstone had contested Woodfield Investments' application for a nearby apartment building as a competitor for HUD funds, an appeal that was dismissed by the city, and which ended amicably with both projects approved by the city and both granted HUD funds; Archstone received an $89.9 million FHA insured Section 221(d)4 loan through CWCapital.

Archstone also started a 469-unit apartment in NoMa last summer, and maintains that it still has stated plans to break ground on CityCenter this spring.

Gaithersburg, MD, real estate development news

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Archstone Breaks Ground on Gaithersburg Apartments

Development plans approved for the heart of Gaithersburg back in 2008 by the Montgomery County Planning Board are finally coming to fruition as just last week Archstone broke ground on their "Westchester at Olde Towne" project. The mixed-use development will replace several old buildings with a 389-unit (194 one-bedrooms and 195 two-bedrooms), transit-oriented apartment community, rising four stories, spanning 6.49 acres, and featuring 15,000 s.f. of ground-floor, street-front retail. The architectural design is courtesy of the Preston Partnership, and takes its cues from historic Gaithersburg structures like the old Gaithersburg School and the Thomas Cannery building.

Situated just south of the intersection of North Summit and East Diamond Avenue and opposite the Gaithersburg MARC Rail Station, the infill project will not only offer an abundance of new apartments and retail opportunities, but also includes impressive amenities like a "beach-entry lagoon-style pool" and a "re-oxygenating fitness center." Future resident dog and cat owners will be in for a special treat as plans call for an in-house pet salon. The development site will also be spruced up by three internal courtyards, one of which will have open access to the public during the daytime.

“Gaithersburg is located in the center of the Montgomery County Technology Corridor, the heart of biotechnology research in the United States,” said Neil Brown, Archstone’s chief development officer, in a press release. "We are excited to begin construction on another landmark project that we believe will create significant long-term value for the City of Gaithersburg, for our future residents and for our shareholders," he added. The commencement of construction was largely made possible by a recently finalized $89.9 million FHA insured Section 221(d)4 loan through CWCapital.

Gaithersburg, MD Real Estate Development News

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