• Type

    Multifamily

  • Fund

    Realized

  • Address

    Rockville, MD

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Shady Grove Land

Rockville, MD

Property Overview

In August 2003, as part of its sale of the five-building, 570,383 square foot Shady Grove office park, Meridian retained two development sites, totaling 6.9 acres and a completed parking structure for one of the sites. Meridian then proceeded with the re-entitlement process in Montgomery County to change the use from office to residential through both an amendment to the County Master Plan and a rezoning. 

Meridian successfully completed this rezoning process in 2012 and obtained site plan approval for 366 multi-family units, thereby significantly adding value by creating a fully entitled development site in a growing multi-family submarket. 

On July 31, 2013, Meridian sold the development site to a premier residential developer.