Marriott International Inc. is looking to reduce the size of its new headquarters in downtown Bethesda by about 50,000 square feet in a move that would save the developers of the project more than $525,000 in county taxes.
According to Bethesda Magazine, developers Bernstein Cos. and Boston Properties (NYSE: BXP) recently submitted an amendment to the site plan for Marriott’s $600 million HQ project that would reduce the total square footage to less than 1 million square feet. The reduction would lower the developers’ payment on Montgomery County’s park impact payment tax from $5,590,000 to $5,061,070.
“When the developers got approval from the planning board originally, it was understood this would happen, and they’d figure out exactly how much square footage they’d need and come back to the planning board to clean it up,” Matt Gordon, an attorney with Linowes and Blocher who represents the developers, told Bethesda Magazine. “Outside of Bethesda, it probably wouldn’t…Read the full story from the Washington Business Journal.