Midtown Silver Spring picked up by Home Properties
By Silver Springer • May 22nd, 2008 • Category: Real Estate
Kettler (formally KSI, Inc) has given into the slowdown taking a toll on the inflated residential market. Nationwide residential sales are down but there’s still hope left for the residential project that Kettler had planned for Silver Spring since 2004.
The Silver Spring project dubbed Midtown Silver Spring was planned to be part of Kettler’s Midtown brand of condominiums including, Midtown Bethesda North, Midtown Reston Town Center, Midtown Alexandria Station, Midtown Largo Station and Midtown North - Reston Town Center.
McLean, Va based Kettler recently removed signage from the condo sales office that never opened which was located at the intersection of Georgia and Thayer Avenues.
All is not forgotten. Home Properties which specializes in apartment communities, recently purchased the plans and site from Kettler. The firm is sticking close to the original work, right down to the architecture according to Donald Hague, Vice President of Development with Home Properties.
This would be Rochester, NY based Home Properties third ownership in downtown Silver Spring and second purchase of a stalled project from a competitor. Back 2006 Home Properties purchased 1200 East West Highway from Centex Homes, it also owns the Falkland Chase complex that it wants to develop into 1,059 apartments and retail, including a Harris Teeter grocery store.
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Hope 2008!
They have 3 projects but none have been built…Lets hurry it up.
Any word in press releases on when they plan to start construction on the Midtown Silver Spring site? Do you think they picked this site up as a backup if the county rules against them in the Falkland Chase historic status designation?
Sorry for the long wait woodsider…no press release, heard it from the man himself. I think they really like the Silver Spring market for apts is all but those are good questions, I’ll see what I can find.
Agreed…while the market might be a little sluggish now, by the time this one is ready for leasing, the down cycle will be but a distant memory (sorry, IHY).
And other than the couple other high end apartment communities in Silver Spring (Georgian, Enclave), the rest of the rental market has had quite a rebound. People aren’t buying and they need to live somewhere…so apartment communities are filling up, concessions have gone bye-bye and lease-renewal increases are back. (sorry again, IHY).