What's New in Maryland & Virginia:
Real estate developers had a tough 2023 due to an uncertain economic climate. Rising construction costs and difficulty securing funding for projects proved to be a struggle. Despite these challenges, many development teams are pushing forward on exciting developments in the new year.
Here’s what you keep an eye out for in the Mid-Atlantic region:
60-Unit Condo and Townhouse Development Planned for Downtown Bethesda
The neighboring D.C. area is quickly becoming a popular destination for new residents, driving demand for new residential development in the area. Meeting the market, Broad Branch Partners, a small D.C. developer is partnering with Mosaic Realty Partners to take on 60 unit and private parking development. This is also a joint venture with Monument Realty where 20% of the units will be affordable. More to come in May of 2024.
15-Story Seniors Housing Project Coming to West Falls Development in Northern Virginia
Hoffman & Associates and Experience Senior Living are partnering up on a 15-story seniors housing project in Northern Virginia called The Reserve. The plan includes 200 units and many amenities, including a fitness center, restaurants, electric vehicle transportation services, and more. While this is a bigger project, the teams plan to open The Reserve in 2026.
