TIMBERLAND PARK 2707 OLNEY-SANDY SPRING ROAD MEDICAL OFFICE/MIXED-USE OLNEY, MARYLAND

Transcription

1 TIMBERLAND PARK 2707 OLNEY-SANDY SPRING ROAD MEDICAL OFFICE/MIXED-USE OLNEY, MARYLAND Exclusively Presented by: Stevan A. Varga Stephan A. Varga Enterprise Realty Services Post Office Box Cambridge Manor Court Potomac, Maryland Phone; Fax The information contained herein is not guaranteed, but has been obtained from sources we believe reliable. This offering is submitted and received with the understanding that all negotiations for the acquisition of the herein described property will be conducted through Enterprise Realty Services and is subject to prior sale or lease or withdrawal from market without notice.

2 Property Description Executive Summary (aka Timberland Estates Lots 11 & 12) is a 1.89 acre site fronting on Maryland Route 108 (Olney Sandy Spring Road) just east of Prince Phillip Drive and 1/3 mile from Olney Town Center. The subject property is directly south of and less than ¼ mile from MedStar Montgomery Medical Center (Montgomery General Hospital) and directly east of a newly constructed 94 bed assisted-living facility. While currently zoned for single-family residential use, the site has previously been used by several local doctors and was home to the Sandy Spring Museum. In addition neighboring properties have converted from residential to commercial uses including Veterinary and Chiropractic facilities. Montgomery County s recently adopted zoning code rewrite allows for Floating Zones to be approved through a Local Map Amendment. With its proximity to the growing Medical Center, convenient access to the extensive retail in Olney Town Center, and position on highly traveled MD Rt 108, the site presents an ideal location for numerous uses including medical office, assisted living, or mixed-use development. SITE Terms: Seller is seeking a qualified purchaser to process the necessary zoning and entitlements and close upon receipt of plan approval. 1

3 Property Description Legal Description: Montgomery County Tax Map HT62, Block B Lots 11 and 12 of Timberland Estates. Plat Olney Sandy Spring Road, Olney, MD Parcel Size: Lot 11 43,560 sf Lot 12 38,842 sf Total: 82,402 sf (1.89 acres) Current Zoning: Proposed Rezone: R-200, single family detached residential Minimum 20,000sf lot The subject property is located just east of the Olney Town center, south of Montgomery General Hospital, and adjacent to former single family residences that have converted to nonresidential uses (including a Veterinary Clinic and Chiropractor/wellness center) on the west and a new 94 bed assisted living facility on the east. Due to the transitional nature of the immediate vicinity of the property it is readily apparent that primarily non-single family residential uses are more appropriate than any use currently allowed under the R-200 zone. 2

4 Property Description In addition, following factors contribute to and support the strong argument for a commercial/mixed-use zone for the property. 1) location on a 4-lane divided highway 2) previous non-residential uses of the property 3) close proximity and easy access to Montgomery Based upon discussion with land use counsel and detailed engineering analysis, it is recommended that a rezoning (Local Map Amendment) using one of the new Floating Zones established in the recent 2014 Zoning Ordinance Rewrite be employed. The new Zoning Code established a number of Floating Zone classifications. Of the various classifications four were selected as possible candidates for the subject property. A. Commercial Residential Neighborhood Floating- CRNF B. Commercial Residential Town Floating- CRTF C. Neighborhood Retail Floating- NRF D. Employment Office Floating- EOFF Any Floating Zone Plan is required to demonstrate conformance with the Master Plan and Adequate Public Facilities. Proposed Medical/Professional office use will be in conformance with the Olney master plan and the site is served by adequate public facilities. In addition, any application must satisfy a minimum of 2 prerequisites in each of the following categories: (A) Transit & Infrastructure (B) Vicinity & Facilities (C) Environment & Resources Per engineering analysis (available upon request), the subject property qualifies for two (2) prerequisites under (A), two (2) prerequisites under (B), and three (3) prerequisites under (C). A minimum of two (2) prerequisites are required for each category. As such the subject property satisfies the criteria for approval of one of the floating zones. Suggested zones and associated parameters as follows: 3

5 Property Description CRNF CRTF NRF EOFF FAR Height 50 feet 50 feet 50 feet 50 feet Side Yard 18 feet 18 feet 18 feet 18 feet Setback Rear Yard 45 feet 45 feet 45 feet 45 feet Setback Front Yard 40 feet 40 feet 40 feet 40 feet Setback Parking Med Off Prof Off TH 4sp/1000sf 2.25sp/1000sf 2sp/unit 4sp/1000sf 2.25sp/1000sf 2sp/unit 4sp/1000sf 2.25sp/1000sf NA 4sp/1000sf 2.25sp/1000sf 2 sp/unit Open Space 10% 10% 10% 10% The parameters across the four proposed zones are essentially identical aside from allowable FAR restrictions. As such the NRF and EOFF zones are preferable candidates. Additionally, the EOFF zone allows for a wider range of medical office uses according to the Permitted Use table included in Montgomery County s Zoning Rewrite adopted October As such, the suggested rezone is to EOFF. Potential Development: Assuming the EOFF Floating Zone is employed allowable development is a 1.0FAR of which Residential uses may be up to 0.30FAR. As such the maximum possible development is 82,402 GSF. However, due to site constraints such as forest conservation, SWM, open space and surface parking, a more practical density is in the 25,000sf to 35,000sf range. One possible scenario is for a 20,000+sf professional/medical office building with surface parking on the frontage and a stick of wide townhouse units in the rear. Approval Process: Receipt of Zoning and Plan approvals involves the following process: 4

6 Property Description Zoning/Concept Plan Preliminary Plan Site Plan Record Plat Total months 3-4 months (concurrent with Site Plan) 6-8 months 2-4 months months Impact Fees: Commercial: Transportation Impact Tax $12.30 psf Residential: Transportation Impact Tax $11,050/unit School Impact Tax $19,533/unit Water & Sewer: Site is subject to relevant WSSC fees and charges dependent upon meter size and fixtures included in development. See enclosed table of fees as outlined by WSSC. Access: Utilities: The subject property has direct access from Olney Sandy Spring Road (MD Route 108). Existing 16 water line and 8 sewer line in Olney Sandy Spring Road (MD. Route 108). 5

7 Aerial View Timberland Park Olney Town Center 6

8 Aerial View 7

9 Regional Map Timberland Park 8

10 Vicinity Map Timberland Park 9

11 Tax Map Timberland Park 10

12

13