The Challenge
In 2011, Landex formed a public/private partnership with the Montgomery County Department of Housing and Community Affairs (DHCA) to perform a workout of a failed condominium development that had a DHCA mortgage. The property is located in an Arts District, adjacent to public transportation, high-end shopping, and a plethora of employment opportunities. The site borders the rapidly growing downtown of Silver Spring, MD and is adjacent to a vibrant single-family community that was eager to minimize any more development in the community.
The Plan
From the start, Landex invited local stakeholders, including neighborhood association members, elected officials, and City personnel, to participate in a steering committee to create a redevelopment plan that would blend with the community, minimize density, and avoid excessive traffic. The final plan included a four-story elevator building with 52 apartments and parking for 30 cars and building amenities included an e-lounge, an entertainment area, and a fitness center. In addition, Landex set aside 20% of the land area as a “public arts park” where the Montgomery College Department of Visual and Performing Arts can display, on a rotating schedule, award-winning sculptures produced by its students and faculty.
The Result
The project was completed on time, within budget, and is occupied by mixed-income households of which 20% of the apartments are set aside for households with incomes below 35% of area median income. The apartment building received a LEED Platinum award from the U.S. Green Building Council.