StonebridgeCarras buys former Trillium Condo site in Bethesda

Rendering of Trillium Bethesda

StonebridgeCarras and Walton Street Capital LLC plan to build at least 300 rental units and 50,000 square feet of retail near downtown Bethesda.

The joint venture bought 1.6 acres, which were originally slated to house a luxury condo complex, for $29.2 million.

Houston-based Patrinely Group was expected to start work in mid-2007 on a nine-story, 173-unit complex on the site branded Trillium Bethesda, but the $200 million project got tangled in the housing downturn and fizzled. The parcel at 8400 Wisconsin Ave. formerly housed the Clarion Hotel, which was demolished in preparation for development.

Now, the new buyers are devising a revised plan for mixed-use development that is expected to be submitted to the Maryland National Capital Park and Planning Commission by early summer. Construction is expected to start in early 2013 with an expected delivery by early 2015.

The site sits just south of the National Institutes of Health campus, less than half a mile from the Medical Center Red Line Metro station and on the northern the northern gateway to the Bethesda central business district and Woodmont Triangle. The property is bounded by Wisconsin Avenue, Woodmont Road and Battery Lane.

“With the desirable dynamics of the Bethesda area, the expected growth of NIH, and BRAC’s impact on the Naval Medical Center, we are very excited to move forward with the planning and development of this property,” said Kevin Mulhall, a principal with Walton Street Capital.

Holliday Fenoglio Fowler LP represented the seller. The cost and name of the project have yet to be announced, according to StonebridgeCarras.

The project marks the third joint venture between Bethesda-based StonebridgeCarras and Chicago-based Walton Street Capital; the partners built the 2.5 million-square-foot Constitution Square development in D.C. and bought a 200,000-square-foot office building at 8000 Jones Branch Drive in McLean.

Source: WBJ

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