Bethesda-based commercial real estate firm plans to break ground on 605 E. Church Street development in 2022, with plans to deliver project in January 2024
The Goldstar Group, a Bethesda, Maryland-based commercial real estate firm, has acquired a 24-acre parcel on 605 E. Church Street in Frederick, Maryland and intends to develop a new mixed-use development. The site, which also contains a 49,000 square foot single-story warehouse building, was purchased from Frederick Health Hospital for an undisclosed price. Chris Kline, Jr., President of Frederick Commercial Real Estate facilitated this transaction.
Groundbreaking for the development is expected in 2022. The Goldstar Group, which has developed more than $300 million worth of commercial and residential projects in the last decade, expects to deliver the project in early 2024. This represents the first real estate project in the Frederick area for the company.
“We were attracted to the continued strength and momentum of the Frederick-area economy and we are evaluating the possibility of integrating a residential element to the plan,” explained Michael Brodsky, Chief Executive Officer of The Goldstar Group. “This site has remained vacant for many years and we intend to develop a vibrant project that will continue the development of the eastern section of the city.”
“The location is ideal based on its proximity to the downtown Frederick area, as well as the greater business communities positioned along Maryland Route 15. The community can be also be accessed quickly via Interstate 270 and MD Route 85. We intend for this new development to add substantial value to this section of Frederick.”
The 49,000 square foot warehouse contained on the property is currently vacant and The Goldstar Group has begun marketing the asset for sale to an end-user. The target date to complete this transaction is first quarter 2021.
Bruce Dean, Partner, McCurdy, Dean & Graditor, LLC and Chris Smariga, President, Harris Smariga & Associates provided legal, civil engineering and land planning services to The Goldstar Group in this transaction.
“Bruce, Chris and their respective teams provided expert guidance and insight during the land analysis and evaluation process, as well as adding significant value as we navigated the intricacies of this transaction,” Brodsky added.
The Goldstar Group is a privately-held firm strategically focused on commercial real estate investments and services on behalf of its clients and principals. Primarily focused in the Washington DC metropolitan area, Goldstar’s core capabilities include acquisitions, development, asset and property management, advisory services and capital markets transactions. Founded in 1995, Goldstar has more than 25 years of experience investing, developing and managing all classes of real estate and financial products on behalf of our clients. For additional information visit www.TheGoldStarGroup.com.
