Downtown Silver Spring Urban Renewal and Redevelopment
As a public/private transaction, the firm worked with the clients to overcome numerous hurdles in negotiating a complex legal and business structure to allow Montgomery County to maintain a level of control over the development of the project through the design, development and construction phase of the project as well as a stabilization period while giving the developers the flexibility to create a project that was marketable, financeable and successful.
Following an aggressive timetable for completion, Linowes and Blocher helped guide the 22-acre public/private partnership. The firm’s land use attorneys obtained the preliminary plan, project plan, and site plan for the 1,175,000 square foot project.
The completed $500 million project contains a movie theater, restaurants, and stores, office building, hotel, residential apartments and public parking garages transforming downtown Silver Spring.
The firm was involved in every aspect of the downtown Silver Spring project. Following the project’s approval, the firm’s Transactions group was instrumental in negotiating a development agreement that provided for the structuring of ground leases with purchase options from Montgomery County which enabled the firm’s client, Foulger-Pratt Development, The Peterson Companies and Argo Investment to ground lease the property in phases from the County, separately finance, develop and operate the project, and at the end of a period of time to acquire fee simple title to the underlying property.
Silver Spring’s urban renewal and redevelopment is now complete and thriving. The firm is very proud of the success this project has enjoyed in the community and as a cornerstone of the revitalization of the downtown Silver Spring central business district.