Washington Property Company Makes Way for 318 Luxury Apartments in Downtown Silver Spring

BETHESDA, Md.--(BUSINESS WIRE)--Washington Property Company (WPC) has begun the necessary demolition for the construction of 1050 Ripley Street, a mixed-use project located in the Ripley District of downtown Silver Spring, MD. The 17-story project will consist of 318 luxury apartments above 7,400 square feet of street retail. WPC has been assembling the Ripley District parcels since 2006 and received preliminary site plan approval in early July. Base building construction is expected to begin in late 2008 with delivery targeted for late 2010. The project, which is within easy walking distance of the Silver Spring Metro Station, will replace roughly 30,000 square feet of older, low rise commercial buildings in the Ripley District.

1050 Ripley will offer residents the latest in luxury amenities including a state of the art fitness center and pool, a stadium style movie room, billiards lounge, cyber-café, rooftop terrace, as well as an underground garage parking. In an effort to ensure affordable housing in the area, forty-eight of the apartments have been reserved as Moderately Priced Dwelling Units.

“As we begin the initial construction phase of our project, we are pleased to participate in the continued revitalization and redevelopment of downtown Silver Spring. 1050 Ripley will begin a transformation of the Ripley District, bringing people and new businesses to an area that has long been neglected, through our addition of a vital pedestrian and vehicular connection to the Metro. To further the revitalization effort and also address the need for sustainable design and growth, 1050 Ripley has been designed as a LEED certified project,” says Charles K. Nulsen, III, president of Washington Property Company.

Washington Property Company (www.washproperty.com) is a full service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing and construction management. The WPC development team is responsible for the development of over eight million square feet of commercial space in the Washington metropolitan area and actively pursues development opportunities in office, multi-family, retail and mixed-use projects throughout the region. The company currently has over 1.6 million square feet under development. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.5 million square feet of commercial space.

For more information on 1050 Ripley, contact Evan Feldman at efeldman@washproperty.com or 240-482-8107.