It shows you have to be patient to be progressive. A year and three months since we first introduced you to Upper Rock District, a proposed ‘CoolTown’ in Rockville, MD, it received formal city approval to be built. More here.
Municipalities take note, not many developers are this patient, and serious institutional investors (like this one) will not wait more than six months, and certainly not fifteen. Even then, the developers did not expect approvals to take this long, as it seems the city leadership wasn’t as keen on the influx of loft housing over senior housing – seniors have a large say in elections in Rockville, shall we say. The other negative? With every year that goes by, it’s the homebuyers that have to pay for the interest costs caused by the delay. In time, what was once affordable could be anything but.
Here’s our original story on Upper Rock, followed by the proposed plan here. Gotta love those open plan two-story buildings designed especially for entrepreneurs (see front and center of rendering.) We look forward to showing you photos of the completed project sometime next year :)
Are there any other Upper Rock Districts you’re aware of? Speak your mind below…