Carr Properties has received sketch plan approval from the Montgomery Planning Board for a redevelopment project in downtown Bethesda.
The developer has an agreement in place to purchase the Apex Building at 7272 Wisconsin Ave from the American Society of Health-System Pharmacists for $106M, with plans to demolish the building and replace it with a mixed-use development. Carr has submitted plans for three towers, two residential and one office, Bethesda Magazine reports.
The site sits on top of the Capital Crescent Trail tunnel and is the future home of a planned Purple Line station. Carr is seeking 250-foot height and 937k SF density maximums for the project to move forward, and has noted the project will only make sense if the maximums are granted.
The ASHSP would relocate its offices to a Carr Properties office building at 4500 East West Highway as part of the deal. Carr Properties CEO Oliver Carr III is speaking tomorrow at Bisnow's Montgomery County State of the Market event. [BETH]
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