Envoi
Update
01/16/24
LCOR Breaks Ground on Envoi Apartments In North Bethesda
Metro & LCOR recently celebrated the groundbreaking of a new high-rise residential building at the North Bethesda Metro Station. The project is the final phase of a mixed-use joint development helping spur the transformation of the surrounding North Bethesda Pike District.
The 354-unit building – to be named Envoi - will be constructed on a 1.6-acre parcel owned by Metro and ground leased to LCOR, through Metro's Joint Development Program.
Once completed, the Metro-LCOR partnership will result in two million square feet of mixed-use development at the station. This includes 1,300 residential units, of which 164 will be affordable housing.
"This project at North Bethesda shows the positive impacts of Metro’s partnerships across the region, generating economic benefit, creating new revenue and ridership for Metro, and supporting sustainability through transit-oriented development," said Metro General Manager and Chief Executive Officer Randy Clarke. "We have the most robust joint development program in the nation and plan to accelerate development of Metro's assets in the District, Maryland, and Virginia to help maintain safe, reliable, and affordable transportation."
The 12-story Envoi is the final phase of a 2001 joint development agreement between Metro and LCOR and is the fourth residential building constructed at the site as part of the "The Quad at Pike District."
Metro has received more than $40 million in upfront ground lease payments, fees, and other payments from the development, which will also generate approximately $350 million in state and local tax revenues over the next 30 years.
The project is also supported by the More Housing at Metro Act, enacted by Montgomery County in 2021, to incentivize development of transit-accessible, affordable housing units on Metro properties in Montgomery County.
Metro has an additional 13 acres of undeveloped property at the North Bethesda Station and is working with the county on an initiative to create a life science anchored transit-oriented development. A future solicitation is planned to select a development team for that site.
