Washington DC: PN Hoffman, Washington’s premier developer of upscale residential and mixed-use properties, and Stonebridge Associates, a Bethesda, Maryland based real estate development and consulting firm, announced today that Montgomery County, Maryland has awarded the Hoffman/Stonebridge joint venture firms the development rights to Parking Lot 31. The site is located at the intersection of Woodmont and Bethesda Avenues in the heart of downtown Bethesda. PN Hoffman and Stonebridge expect to construct two mixed-use buildings providing for 357,000 square feet of retail and residential space. In addition, the project has been planned to expand the County’s public parking facility at this location to provide 1,300 underground parking spaces.

According to Monty Hoffman, the Company’s CEO, "our vision for Lot 31 is not only to enhance what is successful about Bethesda Row but to "complete" this area as an 18-hour environment by adding critically needed retail diversity, mixed-income urban living, improved public amenities, and an ample supply of public parking."

Doug Firstenberg, a principal of Stonebridge, added "The development of Lot 31 is extremely important to our firms and to us personally, as we all live in the area and have a successful track record with major projects in the Bethesda/Chevy Chase area." Hoffman and Stonebridge have been involved in the development of the Edgemoor, Two Bethesda Metro Center and Chevy Chase Center. Hoffman and Stonebridge are also jointly developing Chase Point in Friendship Heights.

Although subject to the Montgomery County development review process, the current plan calls for the project to include two structures of varied height on opposite sides of Woodmont Avenue in Lot 31 and the smaller 31A to the east. Both buildings will include residential condominiums and ground level retail space. The inclusion of townhouse-style residences on the western side of the project, facing the Sachs neighborhood, will allow the development to blend in scale with its neighbors and complete a seamless transition to the single-family neighborhood and the Crescent Trail.

Hoffman and Stonebridge have committed to exceed Montgomery County’s affordable housing requirements by providing a combination of moderately-priced dwelling units (MPDUs) and workforce housing.

The project will address the problems of traffic flow and pedestrian access by slightly modifying the path of Woodmont Avenue to slow traffic, provide safer pedestrian crosswalks and allow for the creation of large open public spaces to serve as neighborhood meeting points.

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