Silver Spring, MD – Real estate development firms Willco and Foulger-Pratt officially broke ground Wednesday at 8621 Georgia Avenue, the site of Montgomery County’s latest transit-oriented housing development: Core.
For years, 8621 Georgia Avenue has been one of the few remaining surface parking lots in the increasingly pedestrian and transit hub of downtown Silver Spring. The lot sits along Georgia Avenue between Colesville Road and Cameron Street.
“It is always a great day when new life is breathed into a space,” said Richard Cohen, Chairman of Willco. “As co-developer of Core, we are excited to partner with Foulger-Pratt and very eager to transform this property into homes for the residents of Silver Spring who choose transit and want their amenities close to home.”
With a walk score of 95, Core will provide multifamily housing that is just blocks from the Silver Spring Metro, the downtown retail center and major employers. Walk scores range from 0 to 100 and measure the walkability of an address.
“We are pleased to be part of the continued renaissance of Silver Spring and to give more residents the opportunity to call this walkable, vibrant community their home,” said Bryant Foulger, Managing Principal of Foulger-Pratt. “Foulger-Pratt has long played a key role in the revitalization of Silver Spring. We are proud to partner with Willco to continue that work.”
Core will feature 292 multifamily units and some limited ground-level retail. Of the housing units, 17 will be workforce housing and 35 will be moderately-priced dwelling units.
“I am delighted to join Foulger-Pratt and Willco today for this groundbreaking,” said County Executive Ike Leggett. “This development will be another transit-oriented jewel to enrich downtown Silver Spring.”
District 20 Maryland Delegate David Moon, County Council President Nancy Floreen and District 5 County Councilmember Tom Hucker also joined Leggett and leaders from Willco and Foulger-Pratt to kick off construction.
The project is expected to be completed by Spring 2017.
Foulger Pratt Managing Principal Bryant Foulger (left) celebrates the groundbreaking for Core, Montgomery County’s latest transit-oriented housing development. Joining Foulger are (from left to right) Willco Chairman Richard Cohen, Montgomery County Council President Nancy Floreen (At-Large) and County Councilmember Tom Hucker (District 5)
About Willco
Willco is a leading developer, owner, investor and manager of first-class commercial real estate based in the Washington, DC Metropolitan Area. With a broad network of partners and a deep understanding of the Metropolitan Washington Area – one of the world’s most vibrant real estate markets – its active portfolio includes five million square feet.
Since its beginning in the early 1960s, Willco has completed hundreds of projects – office buildings, hotels, shopping centers and mixed-use facilities—totaling more than 20 million square feet of development. Willco remains locally owned and uniquely adept at identifying overlooked opportunities in the regional market, with a long track record of valuable investments.
About Foulger-Pratt
Established in 1963, Foulger-Pratt is a real estate development firm distinguished by its long-term investment focus and extensive experience executing successful mixed-use, transit-oriented projects throughout the Washington DC metro area. The firm’s intimate knowledge of virtually every submarket in this robust and stable regional economy has enabled it to develop more than 13.7 million square feet of commercial office, retail space, and multifamily residential projects. From acquisition to development, construction to asset management, the company’s fully integrated teams create value at all stages of an investment’s lifecycle.
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