Bethesda High-Rise "The Monty" Could Break Ground in March; Other Developments Still in Holding Pattern

Developers of a Fairmont Avenue residential complex were granted an extension last week to allow more time for the economy to recover before the project breaks ground. Meanwhile, another major Woodmont Triangle residential project - The Monty -- may soon be breaking ground.

The Fairmont project, approved in 2007 before the economic downturn, would bring 118 residential units and 5,500 square feet of retail space to 4900 Fairmont Avenue.

The project was initially granted an 18-month extension on July 30, 2009. The latest extension, granted by the Montgomery County Planning Board Thursday, extends the approvals for another 18 months, giving Fairmont Developers, LLC until July 20, 2012 to submit a site plan application.

“The reasons for the initial extension of the validity period were the economic downturn that resulted in a freeze of the credit markets and lack of residential market demand justifying the commencement of a significant project such as this project,” wrote Robert Dalrymple, a lawyer for the applicant, in a letter to the Planning Board. “Unfortunately, these conditions have not markedly changed since the initial extension was approved.”

Other Bethesda developers are in a similar holding pattern because of the economy. The developers of a stalled out condo project expected to bring three residential towers with just under 200 units to the corner of Battery Lane and Wisconsin Ave., confirm to Patch that they still don’t have a groundbreaking date.

But there are some signs that the economy is turning around enough to spur some new residential projects in Bethesda. a 17-story high-rise with 7,700 square feet of ground floor retail and over 200,000 square feet of residential space, is expected to break ground soon between Fairmont Avenue and St. Elmo Avenue near Norfolk Avenue. Developers Bainbridge told Patch last year that a tentative groundbreaking date had been set for January. That’s now been moved back to mid- to late-March, Bainbridge confirms to Patch.

In other development news, the groundbreaking of a parking garage with 1,200 public spots at the corner of Bethesda Avenue and Woodmont Avenue – along with residential and retail space above it – is still on track for June or July.