7961 Eastern Ave, Silver Spring, MD 20910

Property Description

Downtown Silver Spring Value-Add Mixed-Use Redevelopment in Opportunity Zone Purchase an office building in a newly up-zoned Commercial Residential Zone, in close proximity to Metro rail and Metro bus on well-traveled Eastern Avenue bordering Washington, DC. Property sits in a Priority Funding Area and benefits from recent expansion of uses per 2022 Amended Comprehensive Plan through the Silver Spring Downtown and Adjacent Comprehensive Plan. The amended plan allows for a 4 FAR or 24, 000 SQFT building potential. The building is currently 16,000+/- SQFT. Additionally, approved Zoning Code Amendments make this location ripe for repositioning or redevelopment. Approved transit and roadway improvements are value-ads, as they will allow for greater connectivity throughout the 8 distinct districts making up Downtown Silver Spring. Moreover, environmentally and security-focused design on the multi-modal trails/paths and roadways have an emphasis on storm water management and cooling roadways mechanism like right of way rain gardens, and expansion of tree canopy on pedestrian connector roads, sidewalks and roadways. Recently passed Montgomery County legislation will allow greater density in the split-zoned (CR-3, C-3, R-3, and H-125) location. Proximity to the abutting Kennett Street Garage & Parking Lot opens up opportunity for multiple redevelopment possibilities to include: Institutional Uses Residential Health Education Philanthropic Cultural Charitable Specialty Uses Family Day Care Hospital Educational Private Club/Service Organization Religious Assembly Restaurant Hotel/Motel Dental Labs Research and Development (R&D) Health Club Radio Facility