Monument Realty, along with Maryland-based Mosaic Realty Partners, Connecticut-based Grandview Partners, and the Montgomery Village Foundation (MVF), announced the start of construction on the first phase of its 494-lot residential development, named Bloom Village, in Montgomery County on June 9. Monument Realty has teamed with Reston-based NVR, Inc. to supply the leading national homebuilder with finish residential lots. Ryan Homes, a division of NVR, will build and market the new homes for sale. Model homes construction is scheduled to start later this year with sales commencing in early 2021.
“Today we celebrate the hard work and commitment of many dedicated people, including residents of Montgomery Village and the leadership at MVF, who invested their time and effort over several years to make our collective vision for Bloom Village come to life,” said Russell Hines, president of Monument Realty. “We are proud to have reimagined the former golf course, which was historically accessible by few, as both a new home for many families and individuals, and a new preserve of open space and recreation to serve the broader community.”
Bloom Village will feature townhomes and single-family homes dispersed throughout the 150-acre site. The project is the result of extensive community engagement led by Monument Realty, working closely with the Montgomery Village Foundation and the local community, over the last seven years. The first phase of this multi-phase project will deliver 177 townhome lots to the east of Montgomery Village Avenue between Stewartown and Arrowhead roads. The overall site includes approximately 4,000 linear feet of the Cabin Branch stream meandering through the property. The stream connects two major Montgomery County park systems and will serve as a central feature for the new residential homes and all of Montgomery Village. When all phases are complete, there will be approximately 90 acres reserved for passive and active recreational use, including community gardens, picnic pavilions, walking paths, a dog park and playground.
“Bloom has been a long time in the planning stages, and we are pleased to see progress,” said MVF Executive Vice President David Humpton. “Bloom Village will bring new residents and yes, new revenues, to MVF, but most importantly will open up the former golf course property to more recreational opportunities for all Village residents to enjoy, and preserves most of the property in conservation areas which will benefit our local wildlife and the environment.”
While this is Monument Realty’s first foray into residential land development, Grandview Partners is a thought-leader in property investing and has extensive experience providing residential infrastructure financing. The Bloom Montgomery Village project has provided Monument Realty the opportunity to continue leveraging its extensive entitlement and development experience into new and creative areas of investment. Monument Realty continues to be an active buyer and developer in the Washington, DC market and is nearing completion of its first ground-up retail development, Riverside Square, a 90,000 SF suburban retail shopping center located on Route 7 in Ashburn, Virginia.
For construction updates during the project, visit www.bloominmv.com/construction.