The Montgomery County Planning Board’s draft of the Chevy Chase Lake Sector Plan will be presented to the county council on Jan. 31, 2013. The draft proposes mixed retail and residential development along Connecticut Avenue, between the East West Highway and Jones Bridge Road.
The plan brings high-density development to the Chevy Chase Lake Sector and has generated concern from Chevy Chase homeowners. Residents have cited increased traffic congestion, noise, and an overall change to the community character among their worries. There is also conjecture that large-scale apartment development will negatively impact area home values.
Let’s take a look at what we know about the plan today, and how it may affect Chevy Chase home values.
Chevy Chase Lake Sector Plan Includes Apartment, Retail and Hotel Development
The Montgomery County Planning Board will allow a 150-foot building along the Purple Line, which will soon link Bethesda to New Carrollton via Silver Spring. Concerns about traffic congestion have been aired, which have led to some revisions in development plans.
One of the recent proposals include 708 apartments with 120,000 square feet of retail space. Another suggestion includes a 140-room hotel, with about 600 apartments and 120,000 square feet of retail space.
New Chevy Chase Development and Possible Home Value Impacts
The new development will change what the Chevy Chase Lake Sector looks like in a big way. But will it have any negative impact to surrounding Chevy Chase neighborhoods and home values? Probably not. Here’s why:
According to a joint study by the National Multi-Housing Council and the Urban Land Institute, new, mixed-use, high-density development can be a boon to a community.
Compact development puts less strain on municipal services, unlike suburban sprawl. Residential density supports use of public transportation, making services available to areas that may otherwise be without them. The increased use of public transportation tends to reduce the number of cars on the road. Meanwhile, the city enjoys a diversified and growing tax base, and residents in the area enjoy new amenities.
Will the new development actually increase your Chevy Chase home value? It’s very possible, but it cannot be promised to do so. Much depends on the nature and mix of the development. If your home will be in walking distance to new stores and restaurants, this could be a key attraction for a Chevy Chase home buyer. Ease of commute via public transportation can also be a selling point.
What’s Next for Chevy Chase
Once the Chevy Chase Lake Sector Plan has the majority approval of the County Executive and Council, a public hearing will take place which will allow residents to obtain more details before final approval. Changes to local zoning will also occur in separate actions, and these will also require public hearings.
As your Chevy Chase real estate professional, I am always here to help you with your real estate questions! If you are thinking of buying or selling a home in Chevy Chase, MD, turn to me for the professional guidance you can trust. My experience with the Chevy Chase real estate market, and my commitment to client service, will give you the advantage in today’s competitive market!
Contact me today for help with all of your real estate questions!
Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
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