If you currently live in a home in Montgomery County Maryland or more specifically in the city of Silver Spring, you have probably heard about new music venue that is suppose to be built in the down town area. This new Montgomery county real estate development will be located where the old J.C. Penney store stands on Colesville Road. The store has been vacant for over 18 years. This new music venue will be known as the Fillmore, and an interesting fact to note about the development is a public private partnership between Montgomery County and the Lee Development Group is what is allowing it to be built.
So currently the ground breaking for this new music venue is scheduled for September 2nd , but as of now this new downtown Silver Spring Maryland real estate development is currently $3.2 million dollars over budget. Originally the construction of this music venue was supposed to cost 8 million dollars with the state and the county each paying four million. Some of the reasons that this project is currently over budget is that the budget was developed over eight years ago and it did not take into account inflation and the rising costs of the construction materials. Also, another interesting fact to note is that Live Nation has agreed to invest $2 million dollars into the development of the building’s interior, and any of the construction overages. The overages that Live Nation paid for would then be deducted from the company’s rent which is $90,000 per year. Currently the county has transferred saved money on other projects to the Fillmore construction project. These projects include the White Pak Community Recreation Center, Upper County outdoor pool, MAC diving tower and Wheaton Community Recreation Center. Also, Live Nation has agreed to pay the remaining $724,926 in construction costs, but this means that Live Nation would not have to pay rent on there space for the first 8 years of the lease.
