417 Development LLC has submitted a zoning map amendment and schematic development plan application that proposes the redevelopment of 481 N Frederick Ave and 101 Lakeforest Blvd with a new 8-story multi-family residential building with up to 410 units and a ground floor commercial use.
The Applicant is the original developer of the Property, having acquired out parcels from the Lakeforest Mall development in the late 1970’s. 417 Development states that the three office buildings are nearing the end of their useful lives and that they now have a significant opportunity to reinvest in the City of Gaithersburg. To advance the Project, 417 has consolidated existing tenants at the Property into 702 Russell Avenue under long-term leases and seeks to rezone the property to the CD Zone (necessary to implement residential uses) for the future redevelopment of 702 Russell Avenue and initial redevelopment of the approximate four acres at the corner of N. Frederick Avenue and Lakeforest Boulevard with the residential and commercial uses.
According to the Gateway Lakeforest site plan on klnb’s website, an opportunity for a 21,000 SF anchor grocery store is available pending plan approval. The existing office building at 702 Russell Ave will remain with minor site edge improvements. The plans are currently under review by the City of Gaithersburg and comments on the application may either be mailed to 31 South Summit Avenue, Gaithersburg, MD, 20877 or emailed to [email protected]. Courtesy City of Gaithersburg.