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1/10/2024
The Washington Metropolitan Area Transit Authority (WMATA) recently marked the groundbreaking of a new high-rise residential building being constructed by LCOR at the North Bethesda Metro Station in Maryland.
The project is the final phase of a mixed-use joint development designed to spur the surrounding North Bethesda Pike District, WMATA officials said in a press release.
To be named Envoi, the 354-unit building will be built on a 1.6-acre parcel owned by WMATA and ground leased to LCOR, through WMATA’s Joint Development Program.
Once completed, the WMATA-LCOR partnership will result in 2 million square feet of mixed-use development at the station, including 1,300 residential units, of which 164 will be affordable housing.
The 12-story Envoi is the final phase of a 2001 joint-development agreement between WMATA and LCOR and is the fourth residential building constructed at the site as part of the "The Quad at Pike District."
WMATA has received more than $40 million in upfront ground-lease payments, fees and other payments from the development, which will also generate about $350 million in state and local tax revenue over the next 30 years, WMATA officials said.