Life sciences development is coming to North Bethesda as the result of an MOU signed between Montgomery County and the Washington Metropolitan Area Transit Authority to develop 14 acres on the Rockville Pike next to the North Bethesda metro stop. Did the condos on Old Georgetown Road and the Rockville Pike suddenly take on new life? Is this the place to invest now?
The MOU for Life Sciences Infrastructure
This week, the Montgomery County Executive signed a Memorandum of Understanding (MOU) with the Washington Metropolitan Area Transit Authority (WMATA or Metro) to partner on the development of a nearly 14-acre piece of land next to the North Bethesda Metro Station. You can read more about what the agreement means from WMATA’s perspective here. The goal is to build a development that will attract new life science and biotech companies.
The project will be anchored by the recently launched Institute for Health Computing (IHC) (part of the University of Maryland) which was first announced in 2022. It is expected that the Institute for Health Computing will serve as an attraction for new development and provide support for AI research for the life science companies that are already here. The partnership with WMATA will enable the County to create an urban center for life sciences, embedded in a place with Metrorail access, housing and great amenities (dining, retail, entertainment, a major hotel and conference center).
This land is on the Metro Red Line (just two stops from NIH), along a planned Bus Rapid Transit (BRT) route and has a huge amount of re-developable space, potentially—15 million square feet in and around the Metro station.
Montgomery County – A Vibrant Life Sciences Hub
Montgomery County already has a vibrant life science industry. The county is the center of the third-largest life science hub in the U.S. behind San Francisco and Boston. With assets already based in Montgomery County like the National Institutes of Health (NIH), the Food and Drug Administration and the National Institute of Standards and Technology, the County is very attractive to life science and biotech companies. While some of the biotech companies are further north in Montgomery County, it will be good to see the Institute for Health Computing located in North Bethesda.
What’s for Sale Near the New Life Sciences Location in North Bethesda?
North Bethesda (20852 zip code) has a nice mixture of single family homes off Old Georgetown Road in communities like Windemere and a number of condo buildings, such as the Fitz, the Wisconsin, and the Gables. To see what is on the market now, just click here.
The median sales price is $617,450, up more than 23% from last year. There is only 1.2 months of supply and the average list price is $721,584. If you are thinking of a new home or an investment property, this area would be worth exploring. Perhaps you are relocating to work at the new Institute for Health Computing and you need a new home! Welcome to Montgomery County!
I look forward to hearing from you! Please reach out at 240-401-5577 or email me at lise@lisehowe.com.
Take a Peek at the Homes for Sale in North Bethesda!
