Bethesda Continues to Transform Into Upscale Urban Oasis

How are new demographics changing real estate development

Downtown Bethesda was once a modest community with a concrete company at one of its busiest intersections (that is now the site of Federal Realty’s Bethesda Row). Today, there are luxury retailers, high-end restaurants, an Apple store, modern gyms and other urban amenities. Stylish new residential real estate development is also on the horizon.

Affluent, highly-educated baby boomers who are less concerned about having a large suburban home and more interested in convenient urban shopping and entertainment options have continued to migrate from other areas. One real estate agent reported single-family homes close to the commercial district in Bethesda tripling in value over the last several years.

Real estate developers have taken advantage of the transformation by building residential buildings designed to appeal to the new demographic. The Lauren, a boutique luxury condominium, will offer a $10.5 million penthouse, one of the priciest ever in the D.C. area. Amenities for all tenants in the building will include 24-hour concierge service, a screening room with wine lounge, and smart controls that allow residents to control the lighting, electronics and appliances in their apartments from a mobile app.

Another development, The Flats, will rent studio apartments starting at $2,500 per month. The Darcy will also offer luxury units and numerous building amenities, with two-bedroom condos starting at $800,000. Both projects are built on former parking lots.

The new residential complex will also feature commercial tenants. Businesses include retailers and restaurants such as Pottery Barn, Passion Fish and a new farm-to-table eatery from Silver Diner.

Longman & Van Grack has an experienced commercial real estate litigation group that can assist you in most any real estate matter. We are also successful in pursuing alternatives to litigation such as arbitration and mediation that can save you time and money. Contact us today at (301)291-5027 to schedule a consultation.