News

May 21, 2010

Regional Real Estate Veterans Form New Development Firm Streetscape Partners

Streetscape's Initial Project Hailed as DC Area's First Integrated Arts Community at Strathmore Music Center

May 21, 2010 — North Bethesda, MD — Streetscape Partners, a new Washington, DC metro real estate investment and development firm focused on residential opportunities, is comprised of some of the most successful residential developers and builders from the National Capital area. The principals of the new firm include Michael Schwalb and Harris Schwalb, co-founders of Virginia-based luxury homebuilder Michael Harris Homes, and Ron Kaplan, who brings experience gained on nationwide development projects from his extensive background with Rockville-based Federal Realty. Streetscape Partners is aggressively entering the DC market with the backing of Lubert-Adler Partners, LP, one of the nation's largest real estate investment firms, headquartered in Philadelphia, PA. Streetscape is a local operating partner for Lubert-Adler in the National Capital region. A landmark new townhome community, Symphony Park at Strathmore in North Bethesda, is the first in the Streetscape / Lubert-Adler collaboration.

Streetscape Partners acquired the former site of the American Speech Language Hearing Association (ASHA) at Rockville Pike and Strathmore Avenue on May 11th. The ASHA headquarters property has been in the sights of several development firms over the years.  The site is contiguous with the grounds of Strathmore Music Center and Mansion, and will become an upper bracket enclave of European-inspired brownstones that are integrated into the grounds, and the arts focus, of Strathmore. Groundbreaking for the new community will take place early this summer, with the first homes delivering by late spring of 2011.

The 18-acre site, located within walking distance from the Grosvenor-Strathmore Metro station, will include 112 luxury brownstones.  Upon completion, Streetscape will dedicate five acres of park space for use by Montgomery County residents, which will include an outdoor amphitheater for public performances. Conceived as metro DC's first integrated arts and residential community, the $100 million project will take its design cues from some of the world's most elite city neighborhoods. The land plan will focus on nature, groves of shade trees and formal gardens, and will incorporate outdoor art through fountains and sculptures. Residents will become members of Strathmore with access to all of the exhibitions and performances.  Sales for Symphony Park will commence early Fall 2010.  Visit www.LiveAtSymphonyPark.com for more information.