The following post was written by Patrick Thornton of 8045 Newell Street and the second in a two part series of posts on points of view concerning development of 8001 Newell Street. – BCS I believe this project is in the best long-term interests of South Silver Spring and Silver Spring as a whole. This […]
Dear Friends and Neighbors, Thought you might want to hear an update on the efforts thus far to get Montgomery County to designate 8001 Newell Street as a park. On Friday, August 31, Marc Elrich, Council member-at-large on the Montgomery County Council, visited with a small group of residents from both 8045 Newell Street and […]
The question of what will become of the Extra Space Self Storage at 8001 Newell is one that has been generating a great deal of conversation in our neighborhood. The neighborhood doesn’t have a consensus position on what should be programmed in that space. However, we do all seem to agree that integrated urban planning […]
Last week the following call for comments was sent to several civic groups through out the Silver Spring area. “Lease of a Portion of Public Parking Garage 9 in the Silver Spring Parking Lot District Montgomery County proposes to lease a substantial portion of certain property known as Public Parking Garage 9, located at 8040 Kennett Street in […]
The life and death of restaurants is currently on full display here in Silver Spring. With the recent closing of Babe’s Sports Bar and Sabroso Grill comes the opening of Fajita Coast and Stage Burger Lounge, with the relative newcomers wasting no time opening their doors to hungry residents. Include the loss of Marrakesh Silver […]
Fasten your seat belts as South Silver Spring prepares for warp speed, to a time and place where more residents populate 13th Street. Later this autumn The Galaxy apartment building will open to the public. And as the developer works to complete that project, a new endeavor is already underway: The Orion condominiums. RST’s Scott […]
It has been a fact of life in our neighborhood over the last few years that major construction resulted in the closure of many sidewalks, making pedestrian travel ever more dangerous. Many of us chose to live in this community expressly because it is a walkable neighborhood that is close to public transportation and businesses. […]
The proposed redevelopment of the Falkland Chase’s north parcel was given the green light on Thursday by the Montgomery County planning board, paving the way for a project that will contain more than 1,200 apartments (330 of which are considered affordable housing) and 75,000 square feet of retail (likely including a Harris Teeter grocery store). […]
Grab your seeds and shovel because South Silver Spring will soon have it’s very own community garden! The Montgomery County Parks Department will announce next month the creation of a community garden for South Silver Spring at the corner of King Street and Eastern Avenue, after finalizing an agreement with a private landowner and business. The space will host […]
After undergoing an arduous construction process and then sitting vacant for more than a year, the Argent is set to be the newest home for scores of people in South Silver Spring. An
official ribbon cutting is tentatively scheduled for September 16 and residents are expected to move in shortly thereafter.
Built during the economic boom, the Argent was designed to be condominiums priced between $300,000 and $500,000. But after a nearly year-long construction delay, due to thick layers of bedrock, the building quickly closed its sales office after a soft opening in 2009. The residential bust turned into a financial failure for the project’s original backers, Corus Bank, a Chicago-based lender that was taken over the FDIC last September.
“The property was developed to be market rate condos,” said Stan Herskovitz, principal of Paradigm Financial Consulting, which bought the building licensed under Palas Properties, LLC. “Had the project gotten done a year earlier, it would have sold [as condos]. The market was there. But instead of getting done in the summer of ’08, it got done in ’09. There was no market.”
Herskovitz pointed to the dubious record of Corus Bank, saying the giant lender financed “many many many other condos in the Eastern and Western portions of the United States that either didn’t get done or were sold.” There was clearly a reason the bank