Washington Property Company (WPC) has broken ground on on Solaire-Wheaton, a 232-unit luxury apartment community in Wheaton, MD, just two blocks from the Wheaton station on Metrorail’s Red Line. This $75 million development is situated adjacent to the Westfield Wheaton Mall on the site of the former First Baptist Church of Wheaton. The church, renamed Streams of Hope, has relocated to Olney, MD.
“The groundbreaking of Solaire-Wheaton marks another step in the on-going revitalization occurring in downtown Wheaton,” said Daryl South, Senior Vice President of Development at WPC. “Our future residents will enjoy an easy walk to the variety of shops, unique ethnic restaurants, and cultural and night life amenities that contribute to downtown Wheaton’s dynamic urban lifestyle.”
“This project is the culmination of six years of planning,” said Charles K. Nulsen, III, President, WPC. “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.”
WPC worked closely with the First Baptist Church to coordinate the sale of its 50-year-old building and lot and relocation to Olney. “It was a long, hard process, but in the end we had a win-win situation, and it was nice to know that WPC was looking out for our interests,” said Dr. Ed Williams, Pastor.
Designed by Atlanta-based The Preston Partnership, Solaire-Wheaton will offer stylish, modern features such as granite countertops, stainless steel appliances, fine cabinetry, wood laminate flooring, large windows and balconies, and LEED certified construction. The property’s well-appointed amenities will include a cyber café; a lounge with billiards, bar, indoor and outdoor fireplaces, a variety of games; a resort-style swimming pool; a state-of-the-art fitness center; and a fully equipped business center.
RBS Citizens Bank provided project financing; Clark Builders Group is the General Contractor; and Gables Residential will provide property management and leasing services. Leasing is expected to begin in September of 2013.
Solaire-Wheaton is WPC’s second Solaire-branded apartment community. Solaire-Silver Spring, a 295-unit tower located next to the Silver Spring Metro station, delivered in May 2012 and is currently leasing (www.solaireapts.com).
Washington Property Company (www.washproperty.com) is a full-service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing, and construction management.
WPC has developed more than eight million square feet of commercial space in the Washington, DC metropolitan area and currently has over 1.6 million residential square feet under development. WPC is actively pursuing office, multi-family, retail, and mixed-use development opportunities throughout the region. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.8 million square feet of commercial space. For further information on this project, please contact Evan Feldman at firstname.lastname@example.org or (240) 482-8107.