850 Sligo 850 Sligo Ave 80 Unit Apartment Building $4,900,000 ($61,250/Unit) Silver Spring, MD 20910

33,573 sf vacant office on 0.63 acres of CR 3.0 C 2.0 R 2.75 H 60T zoned land, sits at the southeast quadrant of the intersection of Fenton Street and Sligo Avenue. The project is fully approved by the Montgomery County Planning Board for a 82,941 sq ft mixed use building, consisting of up to 76,029 sf of residential development (up to 80 multifamily units) including a minimum of 12.5% MPDUs, and up to 6,912 sf of ground floor retail. Seller will deliver final construction permits.
Walking distance to the Silver Spring Metro Center and Purple Line.
The approved redevelopment plans are for an adaptive re-use of the existing 8-story (and cellar) office building, as well as, a new construction addition which increases the total FAR onsite to the maximum allowed of 3.0. The plans show 80 total residential units, 10 of which will be moderately priced dwelling units (MPDUs). A new 20 space below grade parking lot is proposed to serve the development. BREAKING NEWS: This property qualifies for a 20 year full tax abatement recently approved by the Montgomery County Council!
Existing Building Re-Use: First floor retail, and 28 residential units on Floors 2-8 (4 per floor), utility rooms, fitness center, and a new roof terrace amenity.
New 3-Story Addition: The plans propose a 3-story addition to the rear of the existing building and show 4 residential units and loading docks on the first floor.
New 6-Story Addition: This proposes one level below grade 20 space parking garage, and first floor podium with five stories of wood frame construction above consisting of 53 residential units with two new stairwells and two new elevators with roof access to green roof areas.