CHEVY CHASE – July 14, 2011--A joint venture of The JBG Companies, ROSS Development & Investment and the CIM Group will redevelop a prominent corner in Bethesda, adding a new residential and retail building to the Woodmont Triangle area. Montgomery County has up-zoned parts of the Triangle to encourage more residential growth and street activity in the area.
JBG and Ross will lead the new development, which will bring 166 apartments and 14,000 square feet of retail to 4900 Fairmont Avenue, a site directly across the street from Veteran’s Park. The annual Taste of Bethesda, held each fall, takes place along neighboring Norfolk Avenue and at Veteran’s Park.
“We plan to deliver a beautiful building to this prime part of downtown Bethesda,” said Brian Coulter, JBG’s Chief Development Officer. “As partners, we have strong experience in this market and are committed to creating a first-class property that will add to the total living and shopping atmosphere in Bethesda.”
Coulter said that he anticipates the new building will be approximately 16 stories high with street-level retail on Fairmont and Norfolk Avenues. Plans are being developed and construction is expected to start in 18 months.
“We are excited to be proceeding on this development and participating with JBG and CIM,” said Scott Ross, President of ROSS Development & Investment. “We have always felt that this site provides the unique opportunity to develop a transit-oriented living experience for residents and will perform extremely well, as our other Bethesda apartment community has done.”
All three companies involved in the 4900 Fairmont Avenue development have offices in the Bethesda-Chevy Chase area of Montgomery County, Maryland.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development. JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. Founded in 1960, in 2010 The JBG Companies marked half a century of business success and charitable involvement in the greater Washington community.
ROSS Development & Investment, a Maryland-based company headquarters in Bethesda, was founded in 1983 by Scott Ross, its president. RDI’s unique structure of affiliated multifamily real estate companies, ROSS Management Services and ROSS Renovation & Construction, combines to create the ROSS Companies. These affiliations provide investment partners with extraordinary benefits and synergies: property management services, operating efficiencies, cost savings, expertise in renovation and construction, development, asset management and marketing. These combined skills have created the foundation for long-standing and continued success.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risk. The cornerstone of CIM Group's success has been its proprietary approach in determining what creates value in densely populated areas. Over the past 16 years, CIM has qualified more than 90 urban communities and has made investments in excess of 30. Each community must meet such criteria as improving local economic and demographic trends, public sector commitment to real estate redevelopment, private sector real estate activity, and opportunities for additional real estate transactions. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments.