Reston, Virginia-based developer Comstock has snapped up a rare undeveloped lot near the Rockville Metro station in Maryland with an eye toward more residential development.
Comstock paid $1.5 million for a vacant, nearly half-acre empty parking lot on 41 Maryland Avenue through a wholly-owned subsidiary. The parcel has existing entitlements for at least 117 condos or apartments as well as 11,000-square-feet of retail space.
Comstock did not disclose specific development plans for the parcel, but indicated residential use.
“We look forward to working with the City of Rockville to expand our market-leading residential presence adjacent to the terminus station on Metro’s Red Line and maximize the positive impact on the Rockville Town Center neighborhood,” Comstock CEO Christopher Clemente said in a statement.
Comstock already owns two nearby residential high rises. It acquired a 250-unit luxury residential tower BLVD Ansel at 33 Monroe Street, and rebranded it in 2021, and acquired an adjacent 250-unit luxury residential tower at 44 Maryland Avenue in 2022, rebranding it BLVD Forty-Four.
Comstock tends to build near Metro stations. It is the prime developer of Reston Station, one of the biggest mixed-used developments along the Metro Silver Line.
