A renovation project has begun at Artery Plaza, part of an ambitious plan developer The JBG Companies has to reboot and reposition the property at 7200 Wisconsin Avenue in downtown Bethesda. In addition to these exterior changes, a
lobby revamp and an
effort to attract "Bethesda's next great restaurant" to the Bethesda Avenue side of the building are in the cards.
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| Rendering of the redesign |
The changes include a new canopy over the lobby entrance; new lighting, windows and doors; reskinned columns and pavers on the walkway out front. HITT is the contractor for the project.
Like more than one Class A office building downtown, or across Montgomery County for that matter, new efforts are being made here to fill space in what has been described as the worst office market in 30 years. Santander Bank
closed its ground floor branch here last month. The county's moribund economy isn't providing much of a boost, failing to attract major employers for more than a decade, and spurring County Executive Ike Leggett to warn of a tax increase next year.
Is the county's economy really moribund? Any stats for that? I'm sure it could be better, but moribund sounds a bit depressing... :(
ReplyDelete6:45: Ask Ike Leggett. He said that due to the sluggish economy, and low tax revenue in relation to expenses, he will have to raise taxes next year. Or, simply consider that the international business community has taken Montgomery County off its list - not a single major corporation has moved its headquarters here in over a decade. Yes, it is depressing to consider, but it's more productive to consider what we need to do to correct it and take action. Hopefully the County Council will get around to that one of these years.
DeleteWho even heard of Santander Bank?
ReplyDeleteAnd why are we supposed to be sad that bank branches are closing? They are an utter waste of space.
7:10: I'm sure the County Council isn't familiar with Santander Bank, as they are lacking in familiarity with national and international business, commerce, and how that all works. I never said you should be sad - I just noted that the loss of that tenant is one more challenge to revitalizing this building. You're talking to the guy who has complained about tiny bank buildings taking over prime redevelopment sites in downtown Bethesda.
DeleteSantander has a massive banking company for over 150 years: http://en.wikipedia.org/wiki/Santander_Group
ReplyDeleteSpoken like a true conservative criticizing, nit-picker. Nothing is going right unless you are at the helm. The bond rating for MoCo is the true barometer of the county economy, and by the latest listing it is not hurting. Poor marketing on the half of the buildings owner is what drives the success or lack of in attracting long-term tenants. In addition the required space dedicated to street-level retail also assist in selling your office space in any economy. Oh how I long for the days of Montgomery Grille which was the most successful occupant of this building. If you knew just the basics of commercial real estate, perhaps you'd be doing more than just a "blog" i.e. gossip column, and be capable of garnering some political following. It's not too late for you to run for student council.
ReplyDelete8:19: Bond ratings, which are highly political to boot, are hardly indicative of economic growth. They are based on Montgomery County's ability to cover debts and balance budgets, which is only made possible by its record of massively raising taxes to cover its spendthrift budgeting. The knowledge that MoCo has the iron will to raise taxes is the primary factor that persuades bond agencies. That, and the involvement of highly political players in the business, such as Warren Buffett, has allowed MoCo good rating luck even as it ignores Ike Leggett's legitimate concerns about funding pensions and other long term debts.
Delete8:19 AM Get real. No one is covering Bethesda like Dyer on a daily basis. Hardly a gossip column. Real news in real time.
ReplyDeleteYou might eventually see some of his stuff covered in the Gazette...weeks later :)
It's not a journalist's job to just bring you the happy news of the day.
There's an interesting article you should look up. Amazon did a study on fake vs real reviews. They were trying to scrub blind support and obviously marketing posts from the source as well as family and friends. Sounds like you might get flagged.
DeleteSantander's problem was not MoCo. They're a European bank trying to make inroads here. That's difficult when a) everyone already has a bank b) local players have a much wider branch and ATM network and c) the other international players (Citibank, HSBC) have a larger worldwide network.
ReplyDeleteIn short, Santander was doomed to fail in the DC market, and it has nothing to do with the economy. They just had a poor offering to start with.
Wrong. Santander failed because Hans Riemer and George Leventhal won't build a freeway directly connecting Bethesda with Dulles Airport.
ReplyDeleteHonestly, I'm more concerned about the problems small businesses are having in the county, and in downtown Bethesda specifically. It seems to be a bad climate for them right now.
ReplyDeleteAre they doing anything about the big arches that they talked about knocking down?
ReplyDeleteWhy didn't Dyer open an account at Santander Bank?
ReplyDelete4:13: Yes, but that will be at a later date. I'm not sure what the delay is.
ReplyDeleteThat would really open up that space and bridge a connection between it and Bethesda avenue, making it feel more a part of Bethesda Row vs busy Wisconsin. I like it!
DeleteYet another screed about the supposedly-moribund MoCo economy, which ironically followed an article about Pottery Barn opening a store.
ReplyDeleteAnd it gets better - the Pottery Barn store was essentially poached from DC - it's moving from Mazza Gallerie.
ReplyDeleteDelightful. MoCo Machine Roooolz!!!!
3:36, 5:20: Yes, there are so many 6-figure salary positions at Pottery Barn stores. I'm sure Gov. McCauliffe is quaking in his boots over this major economic development score by the MoCo Machine. In between ribbon cuttings at corporate headquarters in Northern Virginia.
ReplyDeleteDyer, how many Fortune 500 companies have moved their headquarters in the last 10 years?
ReplyDeleteG. Money, I'm sure the Virginia office of Economic Development would know that number well.
DeleteActually yeah what numbers are you basing on around the US? Would love to see comparison data to support your claims. Thanks! Appreciate the blog. Data would be helpful.
DeleteIn other words, you don't.
ReplyDelete