Germantown residential project to be called Gramercy, feature 10 units

Developer hopes to break ground in mid-2014

Trust Development has a name and unit count for its planned residential project to sit at the northeast corner of Seventh Avenue and Monroe Street in Germantown.

Jim Creason, Trust Development principal, said the development has transitioned to being 10 free-standing homes after Trust considered up to 15 units. The exterior design will offer a nod to Flemish architecture. In addition, Creason (pictured) said the company will call the development Gramercy. (See a basic site plan below.)

“It took us a while to come up with a name deserving of the neighborhood,” Creason. “We will have a small private courtyard. And two homes [will not front either Seventh or Monroe and] will be accessible from an interior drive.”

Creason said 10 homes will allow for efficient parking.

“I wanted to make sure we could provide the type parking for the residents that would not require on-street parking,” he said. “We wanted to be sensitive to the parking needs of the neighborhood.”

Creason, who in February thought he might be able to break ground in early 2014, is now targeting a mid-2014 start.

“We will begin taking reservations soon but are not committed to sales prices,” he said. “There is lot of work that has to go into getting to the point where the estimated cost to construct will yield a sales price.”

Creason said Trust Development will use Grant Hammond’s Metropolitan Brokers for sales and marketing and RootARCH for design. He expects construction financing to be providing by First Advantage Bank.

Relatedly, Trust Development’s six-unit Luxus Germantown (read more here) is now about four months under construction.

“All storm water infrastructure work and foundation work is completed,” Creason said of the project, which is located on the southeast corner of the Fifth and Monroe intersection. “We expect to go vertical on two units within days.