Report: Crown Farm Site Sold for $28M
JBG Rosenfeld Retail and the Bozzuto Group acquires 20 acres for development of Downtown Crown, Washington Business Journal reports.
JBG Rosenfeld Retail and the Bozzuto Group purchased the site—11 percent of Crown Farm's approximately 180 acres—for the development of Downtown Crown, "a mixed-use project slated to include a Harris Teeter-anchored retail center and nearly 540 apartments," the report states.
The Crown Farm property is located east of the intersection of Diamondback Drive and Sam Eig Highway, south of the portion of Fields Road located within the corporate limits of the City of Gaithersburg, west of Omega Drive, and north of the current terminus points of Diamondback Drive and Decoverly Drive, according to Crown Farm Community.
The project will include an LA Fitness and 260,000 square feet of retail space.
The developers acquired the land from Crown master developer Sunbrook Partners, WBJ reported. "Sunbrook's master-planned community of Crown is slated to be developed over 182 acres and could include about 2,200 residential units," the report states.
In lieu of the regularly scheduled Gaithersburg Mayor and City Council work session on Monday, July 23, city officials will be joined by 34 residents for a bus tour of the development site, immediately followed by an on-site presentation from Sunbrook Partners.