Washington Property Company Expands Footprint In Silver Spring’s Ripley District with Bethel Church Acquisition
Washington Property Company (WPC) has expanded its footprint in the rapidly transforming Ripley District adjacent to the Silver Spring (MD) Metro station with the acquisition of three contiguous developable land parcels with lot sizes totaling about 28,000 SF. Bethel World Outreach Ministries International sold the site at 8242-8252 Georgia Avenue, with two low-rise buildings and a parking lot, for $8.2 million.
WPC, which recently completed development of the nearby 17-story 295-unit luxury apartment building Solaire-Metro, will submit a plan to Montgomery County for the newly acquired property. The company is currently evaluating different uses including hotel, office, and/or residential development. The acquisition also included a non-contiguous 4,750 SF parcel (lot size) at 8238 Georgia Avenue, which is not part of the upcoming redevelopment plan.
In addition, WPC has been selected by the County to redevelop the Shepherd’s Table/Progress Place parcel just south of the Solaire-Metro apartment complex. This project, still in the early planning phases, would provide a new, expanded facility offering services to Silver Spring’s low-income and homeless population along with a second Solaire-Metro residential tower to include approximately 380 luxury apartments.
“We are proud to be at the forefront of redeveloping the Ripley District, a vibrant transit-oriented neighborhood with an exciting new mix of dining, shopping, and entertainment options along with a variety of housing options, work places, green spaces, and more,” said Charles K. Nulsen, III, President of WPC. “We look forward to working with Montgomery County to continue our investment in thesuccessful revitalization of the Ripley District, which could eventually be home to up to 3,000 people with over two million square feet of development.”
Nulsen pointed out that Solaire-Metro, which just recently earned LEED Gold certification from the U.S. Green Building Council, offers direct pedestrian access to the Metro station, which is being transformed into a transportation hub including commuter trains, buses, and services for bicyclists. Solaire-Metro’s 295 apartments – including studio, one bedroom, one bedroom plus den, two bedroom and two bedroom plus den options – will house hundreds of residents. Just north of Solaire-Metro, Home Properties is nearing completion of Eleven55 Ripley, with 379 rental apartments in a 21-story tower and a smaller building. These two properties alone will house more than 1,100 people.
This is not the first time that WPC has redeveloped property owned by a local church. Last year, WPC began construction of Solaire-Wheaton, a 232-unit luxury apartment just two blocks from the Wheaton Metro station on the site of the former First Baptist Church of Wheaton. WPC worked closely with the church, now called Streams of Hope, to coordinate the sale of its 50-year-old building and relocation to Olney, MD.