StonebrigeCarras Plans $300M Bethesda Office And Hotel Project
The plan for a major development on a prime downtown Bethesda corner where a police station now sits is beginning to come into focus.
StonebridgeCarras unveiled its proposal Monday to build a 250-foot-tall mixed-use development with a 390K SF office building and a 225-room hotel at 7359 Wisconsin Ave.
The development, at the corner of Wisconsin and Montgomery avenues, would be built on the site of the Second District Police station, across the street from the Bethesda Metro stop. As part of an exchange with Montgomery County, StonebridgeCarras is also building a new police station at 4823 Rugby Road.
The developer last month acquired 4630 Montgomery Lane, the final parcel needed for the mixed-use development. It presented its plans to the community Monday night and plans to file its site plan application next week.
StonebridgeCarras principal Doug Firstenberg said the full project is expected to cost $300M. He expects to break ground in Q1 2019 and deliver in 2021. The developer is in talks with a potential partner, whom Firstenberg could not yet name, that would build and own the hotel portion. He said the hotel will be a new, upscale brand.
For the office portion, StonebridgeCarras has retained JLL's Amy Bowser and Bernie McCarthy as the leasing agents. It also brought on New Haven-based Pickard Chilton as the design architect and Cooper Carry as the architect of record. Firstenberg expects the project will appeal to the professional service sector, such as finance or insurance firms.
“In our mind, it's a good, if not the best, office site in Bethesda,” Firstenberg said. “We think the market will be very strong.”