Construction has begun on super-luxurious condominiums at Quarry Springs, a 97-unit development on River Road just west of Seven Locks Road in Bethesda.
Quarry Springs Associates, a joint venture of 1788 Holdings and IHP Capital Partners, said that the first phase of the project will include 50 homes in two five-story buildings. The project is expected to be completed in late fall 2015.
Amenities planned for the first phase include a 10,000-square-foot clubhouse, an outdoor swimming pool, a waterfall, a stream and extensive landscaping.
The gated community will have 24-hour security, valet parking for guests and concierge services for residents.
The units, averaging 3,200 square feet, will have direct elevator access plus an extensive private terrace outside.
Sales will be managed by TTR Sotheby’s International Realty‘s Chevy Chase office. For more information, contact Dave DeSantis at email@example.com.
Apartment building for low-income tenants opens in Arlington
Arlington Partnership for Affordable Housing (APAH) is providing more housing for low-income people with the recent opening of Arlington Mill Residences, a 122-unit apartment building at 901 S. Dinwiddie St. in Arlington.
The building was constructed through a partnership between APAH and the Arlington County government. The building, which is next to the newly opened Arlington Mill Community Center and Four Mile Run Park, provides new apartments targeting families and individuals earning between 30 percent and 60 percent of the area median income ($94,876).
More than 3,000 people applied for apartments when APAH opened the waiting list for the building. Thirteen units have been reserved with very low rents to provide permanent housing for homeless individuals and families.
The partnership was able to build Arlington Mill Residences inexpensively because of a long-term discounted lease on the land, which belongs to Arlington County. For more information about affordable homes in Arlington, visit www.APAH.org.
Construction starts on H Street corridor condos
Valor Development and DBT Development Group have started construction on the Maryland, a new condominium at 1350 Maryland Ave. NE on the eastern edge of Capitol Hill near the H Street corridor.
The H Street corridor has become home to dozens of new restaurants, bars, theaters and music venues, and more development is anticipated as the city’s first streetcar service in more than 50 years soon begins running along H Street between Union Station and the Anacostia River.
Developers acquired the vacant Faith Bible Church and an adjacent lot occupied by a car repair shop more than three years ago and have been working with the community to plan and design the project, which has detailed brickwork and bay windows to resemble historic Capitol Hill architecture.
The Maryland will have 84 one- and two-bedroom units priced from the $300,000s to the $500,000s and a rooftop terrace. Inside, the homes will have contemporary upscale finishes, including hardwood floors, quartz counters, upgraded appliances and a washer
For more information on the Maryland, visit www.urbanpace.com.
Tip of the week
Pentagon Federal Credit Union (PenFed) recently announced a limited-time offer to waive loan origination fees for veterans applying for 15- and 30-year fixed-rate VA loans.
Borrowers who are eligible for a VA loan, which includes active duty military personnel, veterans, members of the National Guard and Reservists and widows of veterans, can waive the 1 percent origination fee for a home purchase or refinance.
On a $400,000 loan, this would save $4,000. The VA funding fee, which varies according to several conditions, will still be required. For more information, visit www.PenFed.org or call 800-247-5626.
CORRECTION: Quarry Springs, the luxury condo development, is in Bethesda. An earlier version of this item said it was in Silver Spring.
Lerner is a freelance writer. To pass on a tip or news item, contact us at firstname.lastname@example.org and put “Town Square” in the subject line.