Crews on Thursday broke ground on The Lauren, the 40-unit luxury condominium building on Hampden Lane that turned a few heads last year with its pitch touting “Residences from the several millions.”
A four-bed, four-and-half-bath condo at the building will cost $4.8 million, according to Sotheby’s International Realty, which is the listing agent for the development. A rundown of the amenities coming to the building give a glimpse of why:
All of the project’s 29 premier living units will include nine and ten-foot ceilings, custom cabinetry, gas appliances, vented fireplaces, a robust home automation system and best-in-class finishes throughout.
Other notable elements of The Lauren will include direct entry elevators to 70% of the units, an elegant granite façade with 100 to 1,500 square foot terraces incorporated into the living spaces, two graciously appointed entertaining venues (an indoor facility and an outdoor facility on the rooftop) complete with private wine storage for all residents and fully equipped catering kitchens, a dramatic two-story glass and limestone lobby and a suite of “white glove” services for its residents and guests that are unrivalled in the Washington, DC market.
The project is from developer 1788 Holdings, which is also building the high-end Quarry Springs condo project on River Road just outside of the Beltway. At a Bethesda-Chevy Chase Chamber event earlier this month, 1788 Holdings managing principal Larry Goodwin said his company saw demand for the type of ultra-expensive units that will make up The Lauren.
“I don’t think the high-end is being serviced like it is in other cities,” Goodwin said. “These are targeted toward the very upper-ring demographic.”
Goodwin said the company looked at the high-end Parc Somerset Condos in Chevy Chase and saw units in high demand and new owners knocking out walls to create more spacious floor plans.
Still, as spectators at the Chamber’s Annual Retail Update gawked at the multi-million dollar price points, Goodwin acknowledged the risk that comes with building The Lauren.
“We’re going to find out the hard way,” Goodwin said.
The building will take the place of a parking lot and standalone house at 4901 Hampden Lane, with frontage to Woodmont Avenue near Bethesda Row. County law requires the six affordable units. Five other units will be for sale as guest/amenity suites.
At the Chamber event, Goodwin mentioned that some of those units could beset aside for au pairs.
Persimmon Capital Partners partnered with 1788 Holdings in the development. The project is expected to deliver in early spring 2016.
Photos/Renderings via Sotheby’s International Realty
