Bozzuto has officially purchased property at Chevy Chase Lake from the Chevy Chase Land Company ahead of the redevelopment of a commercial site and grocery store there, according to Maryland real estate records. 8551 Connecticut Avenue, totaling 262141 SF of land, was sold to Bozzuto for $100,000,000 in a sale that closed on November 27.
Great article. Thanks!
ReplyDeleteBozzuto is very good at getting handouts from local governments, so hold onto your wallets.
ReplyDeleteFor those that don’t know, Chevy Chase Lakes is a new transit-focused mixed use development on the Purple Line. The first stop east of Bethesda, it will be about a 1 minute ride from Wisconsin Plaza at Elem and Wisconsin. Sort of a mini-Bethesda Row, with a large market anchoring grade level retail shops, with apartments, condos and offices above. A nice urban plaza is at the epicenter of the development.
ReplyDeleteAnother great addition to the area and will be an easy destination from Bethesda. It will have limited retail and restaurants, but will create lots of residential housing options that can easily access Bethesda.
It’s also on the expanded Capital Crescent Trail, so it will be a nice destination for a short bike ride, or a stop over on the way to Rock Creek Park.
And a nightmare for often clogged Conn Ave.
DeleteHey 10:34, us real Bethesdans have no idea what a Bethesdian is! And I think the confusion may be that Bozzuto has been a partner with CCLC on this project since the get-go but if I understand what Robert is reporting, it seems that Bozzuto has now bought the property from CCLC
ReplyDelete"if I understand what Robert is reporting"
ReplyDeleteAlways a challenge for his readers.
Every state or town run by dimmocrats is badly run and goes bankrupt eventually
ReplyDeleteEvery state or town run by republicans is successful
Counterexamples: Jerry Brown, Sam Brownback
ReplyDeleteFact checker....Not 100 million! it is 10 million for 262161 SF parcel in CCL they are still a partner with CCLC. Go to SDAT.
ReplyDelete5:01: Fact checker...the sale price in my article was taken directly from the state real estate records. I can only report what official documents show.
ReplyDeleteThe Fact Checker was quoting the price from SDAT, which is definitely the place to look, and the property was definitely sold on 11/27 as you note, but the sales price is very clearly listed as $10 million. This is District - 07 Account Number - 03817522.
ReplyDeleteNow: they don’t put commas in the prices, and it is pretty easy to mistake seven zeros for eight zeros, but this is definitely $10M. Now: that does strike me as a bit low, but I would point out that although it was listed as an arm’s length sale, the buyer was an LLC whose ownership structure is not super clear (BA B2 LLC), I mean, the corner of Piney Branch and Flower sold to JBG for $11.2M in early 2016 (relevant since it is another parcel proximate to a Purple Line station, and although development in Long Branch is going to take off like a rocket, I don’t see parcels there worth 10x as much a Chevy Chase.