Property Overview

In 2003, as part of the sale of a five-building, 570,383-square-foot Shady Grove office park, TMG retained two development sites totaling 6.9 acres along with a completed parking structure for one of the sites. TMG led the re-entitlement process in Montgomery County to change the use from office to residential through both a rezoning and an amendment to the County Master Plan. Meridian successfully completed this rezoning process in 2012 and obtained site plan approval for 366 multifamily units, significantly adding value by creating a fully entitled development site in a growing submarket. Meridian sold the development site in 2013 to a premier residential developer.