7770 Norfolk will now be condos, not apartments, as described in this article written by Steve Hull at Bethesda Magazine:
7770 Norfolk, the 17-story residential building that towers over Woodmont Triangle, isn’t going to be luxury apartments after all.
JBG Cos., the lead developer on the project, confirmed Tuesday that they are converting the building to luxury condominiums. The decision comes about six months before the 244-unit building is scheduled to open at the corner of Norfolk and Fairmont avenues.
A JBG spokeswoman said that at this time she could not address why the company made the switch, whether any changes are being made to building, the pricing of the units or when they will go on sale.
On the website for the project the word “apartments” has been replaced by “condominium,” but no additional information is provided. The site will be updated with new information within 48 hours, the spokeswoman said.
According to information provided by JBG when the building was still going to be apartments, units were designed to range from 450 to 1,900 square feet.
JBG’s decision came as the market for luxury condos is heating up and a large number of new luxury apartment buildings are opening in Bethesda.
“I think the condo market is very strong, but not very affordable,” said Jane Fairweather, a leading Bethesda real estate agent. She said she thinks 7770 Norfolk will do “fine” as long as the units are priced at or below $900 a square foot.
Fairweather also said the switch will be good for Woodmont Triangle. “I think bringing condos will mix up the age group and will attract more Baby Boomers,” she said. “When you buy, you’re putting roots down in a community.”
In addition, the competition for luxury apartments in downtown Bethesda remains strong. In the last year, Gallery Bethesda, a 234-unit building, and Bainbridge Bethesda, with 200 units, have opened in Woodmont Triangle. And in the next few months The Flats, a 162-unit building, will open across from Barnes & Noble in Bethesda.
Other luxury condominiums will also be coming on the market soon. The Darcy, with 88 units at the corner of Woodmont and Bethesda avenues, is scheduled to open shortly; and The Lauren Residences, at the corner of Woodmont Avenue and Montgomery Lane, is scheduled to open late this year with 28 units.
You can read about all of the new luxury condos, apartments and town homes that are opening in the Bethesda area here.