After 11 years and an investment of $200,000, investor-developers D. F. Antonelli, Kingdom Gould and John W. Lyon have dropped their grandiase plans to redevelop the 27-acre, 435-unit Falkland garden apartment complex at the head of 16th Street just across the District line in Silver Spring. The triumvirate has not renewed its lease on the property, which had been planned as a complex of high-rise office buildings, apartments and a convention center. Antonelli said that an offer to buy the property was rejected ny the owners, descendants of the Blair family involved in three different partnerships. It was a matter of "time and money" and "waiting until 1961 for high-rise zoning," said Antonelli. The site is adjacent to the new Metro station in downtown Silver Spring, so it is not unlikely that 40-year-old brick rental complex will be redeveloped or upgraded and sold as condominium ownership units in the early part of the 1980s.
Edmund J. Bennett, whose firm built Carderock Springs and other contemporary subdivisions in this area before he sold it to a national firm several years ago, is back in the business as a consultant to Capital Mortgage Investments, a Washington-based investment trust. "CMI took back some house and 21 unbuilt lots in the Vantage subdivision on south Kings Highway, just outside the Beltway in Fairfax County and we broke ground Wednesday for 21 contemporary house," said an obviosly pumped-up Bennett. He said that the designs will be by Keyes, Condon and Florance and tha Furman Builders of Rockville will do the construction lending by Riggs National Bank and permanent loans for buyers from Century National Bank. "CMI will probably be developing more residential lots in Fairfax County as the result of foreclousres," Bennett added.
Western Development Copr., based in Georgetown, has announced that construction will begin this fall on an 82,000-foot shopping center on a 11 1/2-acre site at the intersection of Old Georgetown Pike and Walker Road in Great Falls. Spokesman Dennis Golanis said that architectural designer Paul Salditt and landscape architect Mead Palmer will create a center that will emphasize wood materials and "closeness to the woods." Four acres of the site will be set aside for community use. "Golanis said the the "core structure" for the center will be a Safeway supermarket, next to a People Drug store. Another small shopping center at that intersection in Great Falls has been in the planning stage for several months by another developer.
Ryland, which like Ryan Homes seems to pop up everywhere in this area with small new subdivisions, now has houses nearly ready for showing and selling near Mike's Crabhouse and Boards Creek and the Riva Road bridge south of Annapolis. Some of the houses, priced under $35,000, will be built near slips on the water.
Recent property transfers included the $220,000 purchase of a house at 1961 Springhill Rd., McLean by Zbigniew Brzezinski, chairman of the National Security Council. C.A. Cooper sold the 5 1/2-acre property.New financing of $176,000 was handled by American Security Bank.
Charles Patrick McMahon, whose wire service reporting days ended more than 20 years ago, is retiring the end of this month as senior vice president of the National Association of Home Builders. In recent years McMahom has functioned as the man behind the scences for writing chores and information dispering for elected officers of NAHB. He also worked closely with now-departed Nathaniel H. Rogg, executive veep.
Washington real estate investor-developer Angelo Puglisi recently made his first trip ever to Houston, where he was impressed by the no-zoning development of that fast-growing city. "It seems to work well for Houston," said Puglisi, who also visited friend Ken Aspromonte, the former Senator infielder and Cleveland manager, who now is a Coors distributor in Houston. . . . Near the former Golden Parrott restaurant, soon to become a Booeymonger, Puglisi is building a few town houses that probably will be in the medium-expensive category.
Newly published by Dow Jones-Irwin, Homewood, Ill., is the 504-page "Housing Markets" by NAHB chief economist Michael Sumichrast and American University real estate professor Maury Seldin. It is subtitled: "The complete guide 10 analysis and strategy for builder, lenders and other investors."