It looks as though the vacant Trillium lot has a new owner, and plans are in the works for a new mixed-use development there.
Bethesda-based StonebridgeCarras and Walton Street Capital, L.L.C., have purchased the site for $29.2 million, according to a report in the Washington Business Journal and a press release from the two companies.
The stalled-out Trillium project originally planned for the site, at the corner of Battery Lane and Wisconsin Avenue, would have brought three residential towers and just under 200 condos to the lot.
The project was originally expected to begin construction in 2008, and developers the Patrinely Group
According to the Washington Business Journal report, it was the housing downturn that ultimately caused the $200 million project to fizzle.
Now, StonebridgeCarras and Walton Street Capital, L.L.C. are expected to submit new plans for a mixed-use development – featuring residential and retail components – to the Maryland National Capital Park and Planning Commission by early summer, according to the press release.
The developers couldn’t immediately be reached for comment. But according to the Washington Business Journal, the proposed plan includes at least 300 rental units and 50,000 square feet of retail space.
“We are extremely pleased to have acquired this strategically located site at the northern gateway to the Bethesda Central Business District,” said Douglas M. Firstenberg, a principal with StonebridgeCarras, in a statement. “We look forward to creating a vibrant mixed-use project that will welcome people to Bethesda and help re-invigorate the Woodmont Triangle area.”
Construction on the project could start in early 2013 and wrap up by early 2015, according to the Washington Business Journal report.
The vacant Trillium lot has long drawn ire from the community, with some calling the empty spot and scaffolding an eyesore.