Rendering of 7770 Norfolk
A large residential project in downtown Bethesda will deliver as rentals rather than condos, UrbanTurf has learned.
7770 Norfolk (map) is a 17-story, 200-unit development from The JBG Companies, ROSS Development & Investment and the CIM Group. After announcing in April 2015 that the development would go condo, a slower than expected sales pace dictated the switch to rentals.
“The property was well received by the public and achieved the desired sales pricing, but unfortunately, we learned that our condominium sales pace was lower than what is required to sell 200 units in a timely manner,” JBG’s Matt Blocher told UrbanTurf. “Ultimately, the submarket seems to be geared toward smaller buildings, where this pace creates an acceptable outcome of sales time period.”
7770 Norfolk will start leasing next month. The development consists of studios, one-bedrooms, two-bedrooms, and a few three-bedrooms, and a restaurant will occupy the ground floor.
This article originally published at http://dc.urbanturf.com/articles/blog/200-unit_bethesda_development_switches_from_condos_to_rentals/10712
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