What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
Silver Spring's Argent Could Return By Year's End
Just over a year ago, Silver Spring’s newest condo, the 96-unit Argent, held its grand opening. The building was well-located at 1200 Blair Mill Road (map), just a five-minute walk to the downtown Silver Spring Metro and ten minutes to that area’s many shops and restaurants. But unfortunately for the project, spring 2009 was one of the worst times in modern history to deliver new condominiums. A few months passed, and Argent had a hard time selling units. In August, the project halted sales, and by the beginning of this year the developer Perseus Realty had returned the building to the bank.
Since then Argent has sat empty as the bank looked for a buyer. There are signs that a sale might happen within the next couple months, which could mean the project is reintroduced to the market later this year or early next. But the exact fate of the building won’t be clear until the lender actually sells it and the new owner announces its plans. It is also unclear whether Argent would come back as condos or as apartments, or even if it would still be called Argent (probably not).
The story is reminiscent of The Dumont condominium in Mount Vernon Triangle, which also delivered at a bad time, couldn’t sell enough units, was ultimately foreclosed upon, and sold to a new buyer. The buyer, Equity Residential, converted the project to apartments and rechristened it 425 Mass. Since its relaunch this spring, the lease-up has been brisk, and the project’s woes appear to be behind it.
Hopefully for Argent, its fate will also improve under new ownership.
See other articles related to: argent, silver spring
This article originally published at https://dc.urbanturf.com/articles/blog/silver_springs_argent_could_return_by_years-end/2292.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
- What Are the Annual Maintenance Costs When You Own a Home?
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
- How Much Did DC-Area Rents Rise At The Beginning of 2024?
- The 4 Projects In The Works Near DC's Starburst Intersection
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro