With a $55 million construction loan recently secured, and demolition complete, developers Donohoe Companies and MPM Investments are aggressively moving forward on the Gallery of Bethesda, its 17-story 234-unit residential tower at 4800 Auburn Avenue.
“Donohoe Construction is making great progress on the site," said Jad Donohoe of Donohoe Companies. "Excavation will finish up in November. The 17-story building will 'top out' in July of next year. And then by early 2014, residents will be moving in. The Gallery of Bethesda is going to bring more life and more activity to this part of Bethesda, and it’s going to prove all over again why Bethesda is one of the best places to live in the Washington region.”
The Gallery will be a quarter-million-square-foot tower featuring a 0.25-acre public plaza, a rooftop pool, and 4.600 s.f. of ground floor retail space. The project is one of three towers that will make up downtown Bethesda mega-development in Woodmont Central; an additional residential tower is slated to be built at 4850 Rugby, with a six-story office building at 8280 Wisconsin Avenue (possibly breaking ground this summer), completing Donohoe's trifecta, not to mention JBG and Bainbridge, both of which are building 17-story residential projects in the neighborhood. When all three phases are complete, WDG-designed Woodmont Central will bring nearly 600,000 square feet of residential, office and retail space to downtown Bethesda.The $55 million construction loan, secured in mid-May, is financed by AXA Equitable Financial Services LLC, and sister company Donohoe Construction is the general contractor.
Bethesda, Maryland real estate development news
