By Katishi Maake posted March 8th, 2019 on www.bizjournals.com
A joint venture will bring an 18-story, $150 million mixed-used development to downtown Rockville.
Duball LLC, Daiwa House Group and the Housing Opportunities Commission of Montgomery County announced Friday the purchase of 1.5 acres at the corner of Middle Lane and Monroe Street. The development will have 250 market-rate multifamily units, 150 senior affordable residential units, 19,000 square feet of ground-level retail and more than 600 parking spaces.
Buffalo, New York-based M&T Bank is helping finance the construction, loaning $61.4 million of the $100 million needed for the market-rate multifamily and retail components and $24 million of the $50 million needed for the senior affordable housing.
Duball and Daiwa will fund the remainder of the multifamily and retail, and HOC will fund the senior housing through tax credits — creating two separate ownerships of the development, said Marc Dubick, president of Reston-based real estate developer Duball, the developer of Rockville Town Center.
Current tenants of the Town Center Apartments at 90 Monroe St. will be moved into the senior affordable housing component. Dubick said the development will include a fitness center, 18th-floor community room, ninth-floor outdoor swimming pool, and a concierge service.
“Duball is excited to commence this important project in the heart of downtown Rockville which will complete the Rockville Town Center core and complement the initial building that contains The Upton apartments and Cambria Hotel,” Dubick said in a statement, adding that construction is set to begin within the next one to two weeks.