A 1.5-acre site in the heart of the Laurel, conceptually approved for 73 homes plus retail and parking, but with the potential for more, has hit the market.
Ian Ruel, Josh Feldman, LaMarr Datcher and Brandon Cardwell of Feldman Ruel Urban Property Advisors are listing the property at 26 C St. on behalf of owner New Legacy Partners, a small Chevy Chase-based developer. The transit-oriented site, improved with a small building, surface parking lot and grassy area, is a block off Main Street and a third of a mile from the Laurel MARC station.
New Legacy, Ruel said, is offering the property largely due to bandwidth — the developer is part of a joint venture behind an office-to-residential conversion in the District, among other projects. There is no list price, and the taxable assessed value is just shy of $400,000, according to state records, but the site could sell for 10 times that given the existing development entitlements, the brokers suggested.
The city of Laurel has already approved a conceptual site plan and landscape plan for a development consisting of 44 one-bedroom apartments, 20 two-bedroom units, nine townhomes, nearly 7,000 square feet of retail or amenity space and 73 parking spaces. These plans, drawn up by Interface Studio Architects LLC of Philadelphia and D.C.'s Landscape Architecture Bureau LLC, would convey with the sale.
A second scenario, drawn up in advance of marketing the property for sale, comprises 110 multifamily units, 5,700 square feet of retail or amenity space and 101 surface parking spaces. The site is zoned as a commercial village in the Patuxent River Transit-Oriented Development Overlay, which provides for a mix of uses — multifamily, retail, office or industrial — geared toward supporting the economic stability and historic character of the Main Street business area.
Per Feldman Ruel, there are 6,595 total households within a 1-mile radium of 26 C St., with a median home value of $329,572 and an average household income of $97,690.