Montgomery County Executive Isiah Leggett spoke about his proposed $40 million redevelopment project at a town hall budget meeting in Silver Spring, MD last week, saying the money would cement redevelopment that would bring new life to the community. Leggett's recommended FY 2013 budget includes this summary of the Wheaton proposal:
Significant progress has also been made in the efforts to bring more high-density, transit-oriented, development to Wheaton. Plans have been developed to build several high rise office buildings over the Wheaton bus bay facilities adjacent to the Wheaton metro station, as well as a town square. Negotiations with a private developer and the Washington Metropolitan Area Transit Authority (WMATA) are underway regarding the first phase of the project – the building of a platform for staging the high rise structures. Outreach to nearby businesses has also begun to ensure adequate time for them to plan for any construction impacts and to determine how the County can best support them during the redevelopment period. Funding included in my recommended budget represents a down payment on the rebirth of a vibrant, urban, and transit-oriented Wheaton.
According to a Washington Business Journal article, the partnership between the county, developer B.F. Saul and the WMATA will bring 600,000 square feet of office space, 40,000 square feet of retail, a 120-room hotel and a Town Square to the Wheaton Triangle by 2019, per Leggett's recommendation in his six-year capital budget.
For more news and information visit Blumberg Capital Partners.
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