Shady Grove Metro – Bozzuto and EYA Secure Financing, Begin Construction on Mixed-Use Development in Rockville, Maryland
December 21, 2015
— First Multifamily Building at Westside at Shady Grove Metro to Include 333 Apartments, 17,000 Square Feet of Retail Space, and a 473 Space Parking Garage at the Doorstep to Metro —
Bozzuto, EYA, and Carlyle Realty Partners today announced the completion of financing for the first multifamily building of a mixed-use development at the Shady Grove Metro in Rockville, Maryland.
Equity was provided by a partnership between Bozzuto, EYA, and Carlyle Realty Partners, while debt was provided by Citizens Bank. Holliday Fenoglio Fowler, L.P. (HFF) arranged the joint venture and assisted in placement of the debt.
Westside at Shady Grove Metro is a 45-acre, four-phase development that will ultimately consist of 1,114 apartment residences, 407 townhomes, 37,000 square feet of retail, 130,000 square feet of office, and a public library.
This first multifamily building will include 333 apartment residences, of which 27 will be Workforce and 50 will be Moderately Price Dwelling Units (MPDUs), 17,000 square feet of retail space, and a four-story above-grade parking garage with 473 spaces.
The community will include a mix of public and semi-public spaces, including: hospitality bar; club/game room with kitchen and dining spaces; fitness center featuring indoor/outdoor yoga studio, free weights, cardio equipment and locker rooms; outdoor pool with deck; fire pits; turf lawn for movies and lounging; grilling and dining stations and an outdoor bar.
Located at the Shady Grove Metro Station and at the Shady Grove Road entrance ramp to the ICC, the community will provide unsurpassed access to Interstates 270 and 95.
The project is being built and will be managed by Bozzuto. Bozzuto has commenced construction and is expected to complete work in 2017.
“As the centerpiece of Montgomery County’s Smart Growth Initiative, Westside at Shady Grove Metro is an important development because it will not only create affordable housing, but will also offer additional services to the surrounding community, including green spaces, a library, an elementary school, and vibrant retail,” said Toby Bozzuto, president and CEO, Bozzuto. “We share in EYA’s vision for the neighborhood and we are honored to serve as the community’s co-developer, builder, and manager.”
“Starting construction on the first multifamily building at Westside with our partners Bozzuto and Carlyle is another major milestone in the transformation of the 90-acre County Service Park into a modern, transit oriented mixed-use community,” said McLean Quinn, vice president of land acquisition and development, EYA. “With our first townhomes delivering in early spring 2016 and KLNB underway with retail leasing, our vision for Westside is really beginning to take shape.”
The project architect is KTGY with interior design by Forrest Perkins.