Maryland Marriott International’s suburban campus has called home for years to soon be redeveloped into a retirement community.
Senior housing developer Erickson Living announced Tuesday that he acquired the campus of Marriott’s 34-acre North Bethesda headquarters, which the Hotel giant will depart in 2022. Erickson said he plans to develop an ongoing care retirement community on the site.
The developer did not disclose the sale price, but Bethesda magazine reported that it sold for $104.6 million. Erickson has also not detailed the size or nature of reurbanization.
The Senior Housing Developer has 20 communities in 11 states, including one in nearby Silver Spring. “As a thriving urban center, this location provides an ideal opportunity to further expand our service offerings in the state of Maryland as well as Montgomery County,” Erickson CEO Alan Butler said in a statement.
“As a trusted leader in Senior Housing and Health Care, we embrace the opportunity to serve communities by meeting the growing demand for senior housing.” Marriott in June broke into its new corporate headquarters, a 21-story tower two blocks from the Bethesda metro station that represents a major change from its long-time suburban-style campus.
The Hotel giant plans to move in 2022 to the new headquarters, which is being built by Bernstein cos. and Boston Properties and will include a 244-room Marriott-branded hotel. The transaction brings to a resolution what will happen to the sprawling campus.
Marriott’s movement seemed to prevent it from being used purely for offices such as transit connectivity and walkable amenities have become much more important than the parking and freeway access that was highly appreciated when Marriott opened its Spring rock headquarters.
Published by: Bisnow.com