Landmark Realty Launches $50 Million Multifamily in Chevy Chase – Business Observer
After a brief post-demolition pause to secure building permits, construction of the $50 million project Crescent @ Chevy Chasea 111-unit multifamily in Chevy Chase, Maryland, is in progress.
Located at 3929 Historic Courtthe site, formerly Newdale Mews Apartmentswas acquired by members of the Bindeman family in 1976. Rob Bindemanpresident of historic buildingis now the lead developer.
“The garden apartments, built in the mid-1950s, had passed their useful life,” Bindeman told Commercial Observer. “A timely area plan review for the area allowed us to push for new zoning and building rights in Montgomery County. The project was approved in December 2018. Demolition of Newdale took place in early 2022 and excavation work is currently underway.
Crescent @ Chevy Chase will be in front of the new Chevy Chase Lake mixed-use neighborhood, which development partners Bozzuto and The Chevy Chase Land Company are currently developing. Chevy Chase Lake will have approximately 500 multi-family units and 100,000 square feet of retail space.
The zoning for the redevelopment was tied to construction of the Metro’s Purple Line, which will connect Bethesda to College Park. A new Purple Line station is adjacent to the Crescent site.
“Each apartment has something unique to offer,” Bindeman said. “First floor walk-up entrances from the street in the front, semi-private first floor backyards in the back, balconies throughout and great views of the Columbia Country Club golf course.”
Facilities will include keyless entry, club room, pet spa, conference rooms and a rooftop terrace. Crescent will also provide bicycles for use on the nearby Crescent Trail and an elevated rear patio for resident gatherings.
Jeff Parana of Potomac Development Group holds the position of project development manager. Jon Eisen is the architect of the project, Jennifer Ferris of Bandura Design designs the interiors, and Jay Eichberg of Eichberg building holds the position of general contractor. Eagle Bank provided the financing, although no loan terms were disclosed.
Crescent @ Chevy Chase should open at the end of 2023.
Keith Loria can be reached at Kloria@commercialobserver.com.