In December, we offered a detailed look at Archstone’s plans for the Montouri Family Trust-owned property at Nebel Street and Old Georgetown Road. Around the same time, Archstone, a prominent apartment developer, was being sold off for parts by its major investor, Lehman Brothers. Contrary to initial reports, the Montouri contract has been dropped putting the property back at square one. This is a blow to a community excited to welcome development in a spot that presently collects trash and shopping carts. The planned residential building, which was projected to deliver in 2015, featured a courtyard and several private gathering spaces as well as an elevated boardwalk through the adjacent tree stand.
Rumor has it that some of the key project leaders from Archstone are hoping to reinvigorate the plan but that remains to be seen.