Robert Khodadadian – Commercial Observer

Comstock, the Reston, Va., developer behind 80-acre Reston Station, has set its sights on a new development in Rockville, Md.

The company acquired an 18,150-square-foot vacant parcel at 41 Maryland Avenue for $1.5 million. The land sits adjacent to a pair of 250-unit luxury residential towers — BLVD Ansel and BLVD Forty-Four — which Comstock purchased in 2021 and 2022 for $80 million and $111 million, respectively.

The new development site is currently a parking lot but has existing entitlements for as many as 117 multifamily units and approximately 11,000 square feet of retail, according to Comstock.

Similar to Comstock’s transit-oriented Reston Station, which is anchored by the Metro’s Wiehle-Reston East station, the new site is just a block from the Rockville Metro Station, the final station along the Interstate 270 life sciences corridor in Montgomery County.

“This strategic, debt-free acquisition of entitled land adjacent to Comstock assets at Rockville Metro Station provides an opportunity to further grow revenue and earnings,” Christopher Clemente, Comstock’s chairman and CEO, said in a prepared statement. “We look forward to working with the City of Rockville to expand our market-leading residential presence adjacent to the terminus station on Metro’s Red Line and maximize the positive impact on the Rockville Town Center neighborhood.”

No further details were provided on Comstock’s plans for the site.

Comstock currently has approximately 2.4 million square feet of projects under development in the Washington, D.C., region.

Keith Loria can be reached at Kloria@commercialobserver.com.

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.