Fivesquares Development and Aimco Celebrate The Grand Opening of Strathmore Square in North Bethesda

October 23, 2024

Fivesquares Development, a Washington, D.C.-based real estate developer specializing in mixed-use and transit-oriented development, along with Apartment Investment and Management Company (Aimco), a diversified real estate investment company with a nearly 30-year history of growth and innovation in the multifamily sector, celebrated the grand opening of the first phase of Strathmore Square, a transit-oriented, culture-infused neighborhood in North Bethesda. Joined by Council Members Andrew Friedson, President and Kate Steward, Vice President; Randy Clarke, General Manager for Washington Metropolitan Area Transit Authority (WMATA); Monica Jeffries Hazangeles, Chief Executive Officer and President at Strathmore; and Senthil Sankaran, Managing Principal at Amazon Housing Equity Fund, the development team unveiled Strathmore Square's first phase of this inclusive, accessible and culture-infused neighborhood, which includes 220 apartment residences across two distinct residential offerings, Ravel and Royale.

."We are thrilled to celebrate the opening of Strathmore Square's first phase, a project representing our commitment to creating vibrant, culture-rich communities. This milestone marks a significant step in transforming North Bethesda into a dynamic, transit-oriented neighborhood that combines nature, the arts and accessibility," said Andy Altman, CEO and Co-founder of Fivesquares Development. "With the support of our cultural partner, Strathmore, WMATA and Amazon's dedication to affordable housing, we are building a community that fosters connection and inclusivity, offering a lifestyle that truly enriches the lives of its residents."

"Aimco is truly proud to launch Ravel & Royale, the newest addition to the North Bethesda arts community," said Matt Hopkins, SVP of Development. "Led by the vision of our partners at Fivesquares and our friends at Montgomery County, combined with our determined design and construction teams, and the operating expertise of our partners at AIR Communities, we extend our heartfelt thanks to everyone who has worked toward today's celebration. The proof of that hard work is now in beautiful brick and mortar, ready to offer a new luxury living experience at the crossroads of access, nature, and culture"

Strathmore Square will ultimately encompass 2.2 million square feet, offering an exceptional location surrounded by the lush landscape of the newly opened community central park. Adjacent to Strathore's almost 2,000-seat performing arts venue, Rock Creek Park and WMATA's Grosvenor-Strathmore Metro Station, Strathmore Square provides the perfect balance of inclusive housing, culture, transportation and ample green space.

INCLUSIVE HOUSING

Through the Amazon Housing Equity Fund, Amazon has pledged to provide $24 million in long-term, lower-cost financing to fund over 20 percent of Strathmore Square's Phase I & II units as new affordable homes for residents earning between 50 and 70 percent of the area median income. Amazon's investment is a testament to the company's $2 billion commitment to creating and preserving affordable housing in the D.C. metro area.

"The Amazon Housing Equity Fund is honored to celebrate the grand opening of Strathmore Square, a housing community that will include transit-oriented affordable apartment homes as part of this resource-rich community," said Senthil Sankaran, Principal of the Amazon Equity Fund. "This development marks a significant milestone for the Amazon Housing Equity Fund, as it is the third development to deliver affordable homes under our partnership with WMATA. This beautiful development prioritizes access, culture, connectivity, and community, with amenities designed to enrich residents' quality of life and adjacency to world-class transit."

STRATHMORE CULTURAL PARTNERSHIP

As part of a unique partnership with Strathmore, residents of Ravel and Royale automatically become annual members and can enjoy ongoing free concerts, performances and outdoor art experiences throughout the neighborhood curated by Strathmore. Exclusive residential amenities also include access to artist interviews, private concerts and bi-annual meetings with an on-site curator to curate the ideal concert season, with advance ticket purchase rights. Residents will have reserved seating for Strathmore's "Live from the Lawn" series and discounts for select Strathmore Presents performances. Additionally, residents can participate in free weekly classes led by world-renowned CityDance, as well as discounted tickets to CityDance Conservatory rehearsals.

"Strathmore believes the arts are essential and everyone deserves access to them. Our partnership at Strathmore Square is just one more way we are living that commitment, supporting artists, bringing the arts to our neighbors, and encouraging creative pursuits on and off our campus," said Monica Jeffries Hazangeles, President and CEO of Strathmore.

TRANSIT-ORIENTED

Strathmore Square is set to become a benchmark for transit-oriented developments, brought to life through the collaboration between master developer Fivesquares Development and WMATA. This neighborhood offers unmatched connectivity, with direct access to the Grosvenor-Strathmore Metro Station, key highways like I-270 and the Beltway, and over seven bus lines. The bustling retail hubs of Rockville Pike and downtown Bethesda are just minutes away by car, bike, or train, giving residents easy access to everything they need.

As the first project to benefit from Montgomery County's newly adopted 15-year real estate tax abatement for high-rise residential development at Metro stations, Strathmore Square exemplifies the growing confidence in transit-oriented urban planning. With its first phase underway, the project transforms a former commuter lot into a vibrant community. Upon full build-out, it will be one of Montgomery County's largest developments, advancing regional housing and climate goals.

"This joint development project highlights the benefit of having Metro at the center of the community," said Metro General Manager and Chief Executive Officer Randy Clarke. "I want to thank our development partners and the Montgomery County Council, who enacted the tax abatement legislation, making this project feasible. Public/private partnerships like this one build more accessible transit options for the future, supporting a more competitive region."

1.25-ACRE PUBLIC PARK

Residents will also enjoy a unique "front lawn" in a new dynamic, extensively landscaped 1.25-acre civic park in the heart of Strathmore Square designed by the world-renowned landscape architect Hargreaves Jones, with ongoing activities, performances, and serene spaces for connection and enjoyment. This picturesque, arts-centric location provides residents with abundant outdoor space, cultural activities and meaningful connections with the Strathmore Music Center, Rock Creek Park, and the Grosvenor-Strathmore Metro station right at your doorstep.

At full buildout, the Strathmore Square neighborhood will feature approximately 60,000 square feet of ground-floor retail space, including CityDance's three brand-new studios at the base of Ravel and Royale in its first phase. Phase Two of Strathmore Square will include approximately 400 residential units and 10,000 square feet of retail space, with the remaining phases featuring approximately 1,500 additional residential units, 51,000 square feet of retail space and senior housing residences.

ABOUT STRATHMORE SQUARE

Strathmore Square's phase one development partnership comprises Fivesquares Development and Aimco, along with financing partners Eagle Bank and Amazon Housing Equity Fund, transit partner Washington Metropolitan Area Transit Authority (WMATA) and cultural partner Strathmore. At full buildout, the six-phase Strathmore Square will be a 2.2 million-square-foot vibrant cultural hub that sets a new standard for wellness with the perfect blend of culture and convenience. The neighborhood features a 1.25-acre community park at the center of the neighborhood and, ultimately, approximately 2,200 residential units and 60,000 square feet of ground-floor retail.

ABOUT FIVESQUARES DEVELOPMENT

Fivesquares Development is the master developer of Strathmore Square and is a local real estate company that specializes in the creation of engaging mixed-use environments and the transformation of neglected spaces into community assets. Founded and led by two leaders in the local real estate development and urban planning fields, Ron Kaplan, formerly the Chief Investment Officer of Federal Realty, the developers of Bethesda Row, and Andy Altman, the former Planning Director of Washington, DC, Fivesquares is known for the award-winning development of Liz in Washington, DC that exemplifies the confluence of high design, place-making, and complex mixed-use development to create lasting change in a neighborhood. For more information, please visit fivesquaresdevelopment.com.

ABOUT AIMCO

Aimco is a diversified real estate investment company with a 30-year history of growth and innovation in the multifamily sector. Today, the Aimco platform is focused on a total return strategy that includes development, redevelopment, and other opportunistic investments that offer the prospect of outsized returns on a risk-adjusted basis while also maintaining an allocation to stabilized properties. For more information, visit www.AIMCO.com.

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