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Capital Business
Posted at 03:45 PM ET, 06/15/2012

Wheaton church to be turned into luxury apartments


A rendering of the Solaire Wheaton apartment building. (Courtesy of Washington Property Company)

The former sanctuary for the First Baptist Church of Wheaton, since renamed Streams of Hope, will make way for a new luxury apartment building later this month.

Developers at Washington Property Co. plan to begin demolishing the former worship space June 25 as the company begins construction on Solaire-Wheaton, a 232-unit luxury apartment building.

Streams of Hope has relocated to Olney, where it has purchased property and plans to build a new sanctuary. In the meantime its congregants are meeting at Washington Christian Academy in Olney.

The $75 million apartment project has been in the works since before the recession, when Washington Property Co. first inked its contract with the church. Daryl South, senior vice president of development, said a surge of new developments around the Wheaton Metro station made it the right time to deliver new, high-end apartments to the area.

The project, adjacent to Wheaton Mall, is one-third of a mile south of the Wheaton Metro station. Nearby, Patriot Realty and Safeway are building a project that will have a ground-floor Safeway grocery store and 17 stories of apartments 486 units, on top. South said the company has a similar project in Silver Spring, Solaire Metro Apartments, where about 30 apartments are being rented each month.

“We think Wheaton has a revitalization going on...” South said. “Costco and Dick’s Sporting Goods and some new restaurants are coming to the mall and there are some good existing ethnic restaurants in downtown Wheaton. So I think for the price point rents you can have in Wheaton people will gravitate sort of up the Red Line for a great product for a lower price.”

South said the new building will have a swimming pool, fitness center and game room. About 60 percent of the units will be one-bedroom apartments, 30 percent will be two-bedrooms and 10 percent will be studios.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  03:45 PM ET, 06/15/2012

Tags:  Wheaton, apartments, commercial real estate, Washington Property Company

 
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