Lantian Development, LLC, a full-service real estate investment and development company headquartered in Bethesda, Maryland, has announced several changes to its corporate structure; the formation of a new affiliate entity and opening of an office in Washington, D.C.; as well as an update regarding the 31-acre site in the Shady Grove section of Montgomery County that the firm is developing in partnership with 1788 Holdings, LLC. Formed in 2014, Lantian Development has formulated a diverse real estate portfolio comprised of six assets, more than 400 acres of developable land and one million square feet of commercial office, industrial and retail space that is suitable for redevelopment and repositioning.
Affiliate company Lantian Partners formed
Lantian Development, building upon its prior work and success, has formed a new affiliate, Lantian Partners. Headquartered in Washington, D.C. the company will target new strategic partners and investments; develop an EB-5 investment platform that seeks capital investment by foreign investor groups; and will evaluate future commercial real estate investment opportunities located outside the Washington, D.C. metropolitan region.
Bob Elliott (left) and Brian McLaughlin
Brian McLaughlin, who helped start Lantian Development and served as its founding Chief Executive Officer, will lead Lantian Partners as its CEO. McLaughlin will remain involved in Lantian Development, but will focus on directing the day-to-day activities of the new venture. “This is a great step forward in Lantian’s growth and progression,” McLaughlin stated. “Since putting down its start-up roots just a few years ago, Lantian Development has worked hard to lay a foundation, attract talent and expand its resources. It is well positioned and couldn’t be in better hands. I am filled with optimism and energy and look forward to building out additional platforms under Lantian Partners that will realize value for our diversified investors.”
Robert J. Elliott, Jr. (Bob), who joined Lantian Development as Executive Vice President and Chief Operating Officer last year, will be promoted to CEO of the company. Elliott will oversee the daily operations of the company which includes the identification and evaluation of acquisitions, leading all development and construction activities, and managing relationships with investment groups and partners. “I intend to funnel my energies into seeing the fulfillment of our existing properties while identifying new near-term development opportunities,” Elliott said. “I look forward to working with Brian on new ways to expand and grow the Lantian platform.”
Project Plan filed for 31-acre development site in Shady Grove
Together with partner 1778 Holdings, Inc., Lantian Development formally filed its Project Plan in Rockville last week, detailing the new configuration intended for the 31-acre site fronting Shady Grove Road and located between Choke Cherry Road and Gaither Road. Tentatively rebranded as Shady Grove Neighborhood Center, the development will create a new mixed-use environment bifurcated into two distinct parcels featuring a combination of commercial office space, retail space, a hospitality component and different residential uses.
The twelve-acre parcel adjacent to Shady Grove Road will contain approximately 1.3 million square feet of space consisting of 200,000 square feet of commercial office space; 100,000 square feet of retail space; up to 1600 multi-family apartment units and a 100,000 square foot full-service hotel. Up to 300 townhouses are slated for the remaining eighteen acres.
With an estimated $650 million development and investment cost, demolition and construction activities are expected to commence within portions of the Shady Grove Neighborhood Center, pending Rockville’s approval of the submitted Project Plan and subsequent approval of the Site Plan.
“Submitting these plans represents a significant milestone for the project and is the result of more than one year of diligence and planning on the part of 1788 Holdings and Lantian Development, “explained Bob Elliott. “We are confident that Shady Grove Neighborhood Center will respond to the specific needs of the local business and residential communities, by creating a vibrant, pedestrian-friendly and smart growth mixed-use development featuring best-in-class product types. Multi-functional developments like this, especially those which are larger scale and contained within infill locations with excellent transportation infrastructure, are just the type of high-profile projects that Lantian Development will continue to pursue.
Shady Grove Neighborhood Center is situated within one mile from the Shady Grove Metro Station, with direct access to Interstates 270 and 370. In addition, MD Route 200 (Intercounty Connector) is less than two miles away. More than 132,000 consumers reside within a three-mile radius of the site, including nearly 50,000 households with an average household income exceeding $120,000.
Lantian Development, headquartered in Bethesda, Maryland, is a real estate investment and development company focused on development within the metropolitan Washington, D.C. footprint. For additional information, visit www.lantiandevelopment.com.
