Fivesquares Development And Aimco Celebrate The Grand Opening Of Strathmore Square In North Bethesda
BISWIRE/Oct. 30, 2024 — Fivesquares Development and Apartment Investment and Management Company (Aimco) celebrated the grand opening of the first phase of Strathmore Square — a vibrant, transit-oriented, culture-infused neighborhood in North Bethesda.
“We are thrilled to celebrate the opening of Strathmore Square’s first phase, a project representing our commitment to creating vibrant, culture-rich communities. This milestone marks a significant step in transforming North Bethesda into a dynamic, transit-oriented neighborhood that combines nature, the arts and accessibility,” said Andy Altman, CEO and Co-founder of Fivesquares Development. “With the support of our cultural partner, Strathmore, WMATA and Amazon’s dedication to affordable housing, we are building a community that fosters connection and inclusivity, offering a lifestyle that truly enriches the lives of its residents.”
“Aimco is truly proud to launch Ravel & Royale, the newest addition to the North Bethesda arts community,” stated Matt Hopkins, SVP of Development. “Led by the vision of our partners at Fivesquares and our friends at Montgomery County, combined with our determined design and construction teams and the operating expertise of our partners at AIR Communities, we extend our heartfelt thanks to everyone who has worked toward this celebration.”
Strathmore Square will ultimately encompass 2.2 million square feet, situated amidst the lush landscape of the newly opened community central park. This vibrant neighborhood is adjacent to Strathmore’s nearly 2,000-seat performing arts venue, Rock Creek Park and WMATA's Grosvenor-Strathmore Metro Station.
As part of its commitment to affordable housing, Amazon has pledged $24 million in long-term, lower-cost financing through the Amazon Housing Equity Fund. This funding will support over 20 percent of Strathmore Square’s Phase I and II units as new affordable homes for residents earning between 50 and 70 percent of the area median income. Amazon’s investment reflects its broader $2 billion commitment to creating and preserving affordable housing in the D.C. metro area.
“This beautiful development prioritizes access, culture, connectivity and community, with amenities designed to enrich residents' quality of life and provide easy access to world-class transit,” said Senthil Sankaran, Principal of the Amazon Equity Fund.
Strathmore Square features a unique partnership with Strathmore, granting residents a one-year membership to Strathmore, which includes access to free concerts and performances throughout the neighborhood. Exclusive resident amenities include artist interviews, private concerts and meetings with an on-site curator to curate the ideal concert season. Residents will enjoy reserved seating for Strathmore’s “Live from the Lawn” series and discounts for select performances, along with free weekly classes led by CityDance.
“Strathmore believes the arts are essential and that everyone deserves access to them. Our partnership at Strathmore Square is just one more way we are living that commitment, supporting artists, bringing the arts to our neighbors and encouraging creative pursuits on and off our campus,” stated Monica Jeffries Hazangeles, President and CEO of Strathmore.
Strathmore Square sets a benchmark for transit-oriented developments, brought to life through the collaboration between master developer Fivesquares Development and WMATA. This neighborhood offers unmatched connectivity, with direct access to the Grosvenor-Strathmore Metro Station, key highways and over seven bus lines. As the first project to benefit from Montgomery County’s newly adopted 15-year real estate tax abatement for high-rise residential development at Metro stations, Strathmore Square exemplifies the growing confidence in transit-oriented urban planning.
“This joint development project highlights the benefit of having Metro at the center of the community. Public/private partnerships like this build more accessible transit options for the future, supporting a more competitive region,” said Randy Clark, General Manager and Chief Executive Officer at WMATA.
Residents will enjoy a dynamic, extensively landscaped 1.25-acre park in the heart of Strathmore Square, designed by renowned landscape architect Hargreaves Jones. This park will host ongoing activities, performances and serene spaces for connection. This picturesque location provides residents with abundant outdoor space, cultural activities and connections to the Strathmore Music Center, Rock Creek Park and the Grosvenor-Strathmore Metro station.
At full build-out, the Strathmore Square neighborhood will feature approximately 60,000 square feet of ground-floor retail space, including CityDance’s three brand-new studios at the base of Ravel and Royale in its first phase. Phase Two of Strathmore Square will include approximately 400 residential units and 10,000 square feet of retail space, with subsequent phases featuring approximately 1,500 additional residential units, 51,000 square feet of retail space and senior housing residences.
