Real Estate Development
DEVELOPMENT PORTFOLIO (CURRENT PROJECTS)
The Ardennes Multifamily project is a planned thirty (30) month development with twelve (12) months entitlement, design and engineering and eighteen (18) months of construction. The zoning allows for this type of multifamily development – either as apartment or condominium. The development method is described by Montgomery County as the Optional Development Method. In this method, the developer incorporates sustainable and/or public benefit features. In exchange, the county allows for higher density of development. Montgomery County reviewed a preliminary sketch of Ardennes and is highly receptive to the project.
The site is approximately 1.711 acres and is located near Rockville Pike (Route 355) on Twinbrook Parkway. There is an existing approximately 20,000 sq.ft. building currently on the site which would be demolished prior to the commencement of construction. The site is within walking distance of Twinbrook Metro Station on the Red Line & Montrose Crossing Shopping Center and sits within the coveted Washington, DC Metropolitan Statistical Area, (MSA) for our planned 190-Unit Five (5) story, planned multi-family project in Rockville, MD, a suburb of Washington, DC, known as the Ardennes Project.
Rockville, like much of Montgomery County, boasts a robust, diverse economy. Over thirty-five (35%) percent of the jobs located in Rockville are in either Public Administration or Educational Services, which can largely be attributed to the City’s status as the seat of the Montgomery County Government and the presence of Montgomery College’s largest campus in the system. Additionally, there is a wealth of jobs in the field of professional, scientific, and technical services as Rockville is located along the I-270 Tech Corridor and is home to numerous biotech, IT, and research companies. Rockville’s population is affluent and highly educated, with more than sixty-two (62%) percent of the population holding a bachelor’s degree or higher. Rockville also has the lowest unemployment rate in Maryland at 3.6%, well below the U.S. average of 4.9%
- Approximate Total Project Cost $48.0 to $50.0 MM USD
- 155,230 square feet of rentable area
- 32,912 square feet of parking (78 total spaces)
- 37,105 square feet of circulation, parking, amenities and storage
- 225,247 gross project square footage
- Project sales value at disposition is currently at a sub five (5.0%) percent Cap Rate, with a strong opportunity to have the deal presold prior to ground breaking.
- Strong location in the City of Rockville in Montgomery Country, MD
- Experienced national developer combined with local expertise with Land-Use Attorney, Architect, Engineer, and Construction Manager (TBD).
PROPOSED UNIT MIX: The average unit size of the planned units is 817 sq. ft. The unit mix skews towards 1 bedroom, of which our concept calls for three (3) floor plans – Junior 1 Bedroom; 1 Bedroom; 1 Bedroom + Den. The other unit types are 2 Bedrooms and a 2 Bedrooms + Den. The development concept was programmed with input from Noell Consulting. Noell is the premier national apartment research firm. Per Noell, “an ideal unit mix for this building should be heavily geared towards value-oriented professionals by including a healthy share of smaller Jr. 1 Bedroom units, while also offering more traditional 1Bedroom and 2 Bedroom/2 Bath units to appeal to more established singles and couples. Additionally, there is an opportunity to attract empty nester move-downs given their familiarity with the area, and the sites proximity to multiple town centers.”
Based on Noell’s detailed study of the market and neighboring comparable projects the following is the proposed project unit mix:
|QTY||Unit Type||Unit Size SF|
|35||1 BD 1 BA||583|
|80||1 BD 1 BA||705|
|21||1 BD 1 BA + Den||860|
|50||2 BD 2 BA||1010|
|4||2 BD 2BA + Den||1190|
This unit mix reflects the rental demands of the area which is comprised of; fifteen (15%) percent young professional; twenty-one (21%) percent mature singles; forty (40%) percent professional couples; eighteen (18%) percent empty nesters and six (6%) percent roommates.
The subject site was acquired on June 17, 2016 by ADP Principals. The project is located at 1201 Quinn Street N. Arlington, VA and will be a four (4) story, twelve (12) unit over basement garage, condo development. The site consolidates two residential lots at 1717 and 1721 12th St N in Fort Myer Heights (11,000 square feet 100′ x 110′). The property is close to Rosslyn, Arlington Courthouse, Courthouse Metro, Arlington Blvd and Fort Myer Drive.
The Site is fully entitled and ready for immediate demolition of the existing structures on the site are two (2) existing homes.
We can commence demolition on the project within thirty (30) days of today.
Proximity to Metro:
4/10th of a Mile from the closest Metro Stop
Twelve (12) “For Sale” Condo Units
Project Building Footprint
Square Footage: 3,830 square feet.
Total Gross Building Square Footage:
21,225 square feet (with below grade parking), Broken Down as Follow:
Parking Level: 6,650 sq.ft.
1st Level: 3,166 sq.ft.
2nd Level: 3,803 sq.ft.
3rd Level: 3,803 sq.ft.
4th Level: 3,803 sq.ft.
14 Total Parking Spaces (13 Underground & 1 Above Ground)
Garden (First Floor):
- Unit #1: 2 bdrm 2 baths 994 sq.ft
- Unit #2: 1 bdrm 1 bath 624 sq.ft.
- Unit #3: 1 bdrm 1 bath 638 sq.ft.
- Unit #4: 2 bdrms 2.5 baths 1049 sq.ft.
- Unit #5: 2 bdrms 2.5 baths 1049 sq.ft.
- Unit #6: 3 bdrms 2.5 baths 1287 sq.ft.
- Unit #7: 2 bdrms 2.5 baths 1049 sq.ft.
- Unit #8: 2 bdrms 2.5 baths 1049 sq.ft.
- Unit #9: 3 bdrms 2.5 baths 1287 sq.ft.
- Unit #10: 2 bdrms 2.5 baths 1049 sq.ft.
- Unit #11: 2 bdrms 2.5 baths 1049 sq.ft.
- Unit #12: 3 bdrms 2.5 baths 1287 sq.ft.
DEVELOPMENT PORTFOLIO (PAST PROJECTS):
- Two (2) Fifteen Story High-Rise Condominium Towers on the Manatee River in Palmetto, FL
- Total Project Value $150,000,000 USD
- Five (4) Mid-Rise Condominium Buildings on the Gulf of Mexico on Longboat Key, FL
- Total Project Value $85,000,000 USD
Gulf of Mexico Spec House
- $11,000,000 USD Custom Home built on Longboat Key, FL directly on the Gulf of Mexico
INFRASTRUCTURE & MIXED-USE EXPERIENCE:
- $80,000,000 USD Infrastructure Project with over a mile of frontage along the Manatee River in Palmetto, FL. The site is approved for 1250 Residential Units and 250,000 sq.ft. of Retail and the single family homes are currently under development on the site.
INDUSTRIAL/DISTRIBUTION CENTERS EXPERIENCE:
Trotwood, OH Facility
- 380,000 sq.ft. Warehouse & Assembly Space in Trotwood, OH in support of a General Motors Automotive Supplier. development on the site.
Flint, MI Facility
- 400,000 sq.ft. Warehouse & Assembly Space in Trotwood, OH in support of a General Motors Automotive Supplier.
Pontiac, MI Facility
- 380,000 sq.ft. Warehouse & Assembly Space in Trotwood, OH in support of a General Motors Automotive Supplier.
From time to time ADP has development projects that will give third party and institutional investors the opportunity to participate in an ADP project. Each potential development project has its own unique set of investment risks and opportunities and all investment decision should be made carefully and with the benefit of legal and accounting representation. For a list of potential investment opportunities for current and future ADP project please contact us directly.