Lantian Files Plan for $650M Suburban DC ProjectBy
Shady Grove Neighborhood Center will feature 200,000 square feet of office space, 100,000 square feet of retail, a hotel and as many as 1,600 residential units.
Shady Grove Neighborhood Center in Rockville, Md.
Washington—Lantian Development LLC’s vision for a 31-acre site in Rockville, Md., near Washington, just moved closer toward realization. Lantian and partner 1788 Holdings LLC recently filed a project plan with the City of Rockville, outlining a mixed-use destination tentatively called Shady Grove Neighborhood Center and bearing an estimated development price tag of $650 million.
Submission of the project plan comes 18 months after Lantian and 1788 Holdings acquired the land, located along Shady Grove Road, in a $50 million deal. “Our plans call for the creation of a vibrant, mixed-use development that stitches together the residential portions of the adjacent King Farm and Upper Rock projects, while leveraging the commercial office and retail components that are needed in the Shady Grove area of Montgomery County,” Robert Elliott of Lantian Development told Commercial Property Executive. Along with news of the project plan, Lantian announced that Elliott, who joined the company as COO & executive vice president in July 2016, has just been promoted to CEO…
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