- Not long after Comstock Holding (NASDAQ:CHCI) announced that it started construction on its Momentum project at Shady Grove, shares surged as much as 39%. A couple hours later, the gains moderated to a 10% increase.
- The development consists of a workforce housing multifamily building adjacent to the Shady Grove Metro station in Rockville, MD. The project will include 110-units built over two-story garage and is expected to deliver in Q1- 2020.
- Comstock is developing the property as asset manager. At the same time that construction started, Comstock closed the sale of th land, transferring the site to the Comstock-Stratford Capital partnership formed for developing Momentum at Shady Grove.
- Financing is provided in part through the Maryland Department of Housing and Community Development and the Montgomery County Department of Housing and Community Affairs. All of the units will be available to qualified residents under the Montgomery County Workforce Housing Program.
- Source: Press Release
- Previously: Comstock Holding names Christopher Guthrie CFO (June 18)
- Now read: Homebuilders Are In Bear Market Territory Ignoring Favorable Housing Market Data
Original article