New Silver Spring Maryland Real Estate Development
Do you currently own, rent or are thinking of purchasing or renting Silver Spring Maryland residential real estate? If so, please read on to see what is planned for this community in Montgomery County. Last week, the Montgomery County Government put the final touches on an agreement with the music producer, Live Nation, to open a music venue in Silver Spring Maryland. This 32,000 square foot music venue, would be located at the old JC Penny site at the intersection of Colesville Road and Georgia Ave. Funding for this project relies on $8 million in taxpayer funds, and an additional $4 million of which will need to be approved by the council and legislature. Live Nation has also agreed to help in the financing by giving $ 2 million to help outfit this music hall plus to aid in any over budget spending. Currently it is predicted that this venue will be opening in July of 2010. The county believes that this project should roughly produce $1.1 million in annual state and local revenue. In order to keep rowdy crowds down to a minimum, the Los Angeles based company has set a 1:00 Am curfew for shows, and no alcohol will be sold after midnight.
Currently the attention is on the General Assembly and the Silver Spring Development company, The Lee Development Group. The Lee Development Group is willing to donate land for this project. In return, Legget's Chief administrator, Timothy Firestone and Bruce H. Lee, the company's presidents, are trying to convince the council on another deal which would grant the company protection, in developing property around the music hall.
As part of this $13.5 million deal, Ted Mankin, the Live Nation's regional vice president said that this music venue will be able to house roughly 2,000 patrons, and would feature a lineup that would include reggae, rock and roll, and Jazz. Another part of this agreement is Live Nation will be leasing the property for 20 years, and will pay the county an annual rent of $90,000. This annual rent of $90,0000 will only be for the first five years after that there will be a reduced rate that the Leggett administration finds appropriate. Live Nation will also be responsible for not only the upkeep of the property, but the structural maintenance as well. In a preliminary agreement, the county did not give Live Nation the right to purchase the building, which should result in the tax payers receiving a long term asset for their investment. According to a county economic analyst this project should result in $712,000 annual net profit. The county has also put in a clause that would grant them free use of the venue six times per year and they would also be able to hold an additional thirty events at a discounted rate. Finally, Live Nation has also agreed to give back to the county by donating $30,000 to nonprofit organizations in the area.
