The project is a part of the redevelopment of the historic property known as the Farm Women's Market which will include Lot 24, and Lot 10. This redevelopment will renovate the existing Farm Women's Market and include the construction of new homes, retail space, outdoor park space, and an underground parking garage. The Parking Lot District will purchase the garage from the developer with milestone payments made during construction of the garage.

Depending on the development approval process, the current proposed plan has preliminary design completion in FY24 with a construction completion in FY26.

The Farm Women's market and the area adjacent (including Lot 24 and Lot 10) have been underutilized and the redevelopment would reposition the market and the surrounding areas as a 'destination' for visitors. It would also provide needed housing and green space to be used by the community. The purchase of the underground parking garage would allow the PLD the ability to provide adequate spaces for visitors and residents to use in this newly developed area.

In addition to the developer and Town of Chevy Chase (TOCC), DOT is coordinating with M-NCPPC (872302) for redevelopment of Lots 10 and 24 which will result in an underground parking garage and outdoor space. The following funding plan is contingent upon executed agreements with the developer and TOCC as well as Council approval of related property disposition actions. The underlying expenditure schedule assumes the County purchases the underground garage from the developer. The total purchase price for the DOT portion of the project (garage, project management and a portion of the underground utilities) is estimated to be $18.268 million. The expenditure schedule reflects the balance of the purchase price after the cost contributions from the fair market value of the density of Lot 10 and 24 in the amount of $7 million as well as cost contributions from the developer of $975,000. An expenditure of $716,000 in FY24 is this project's contribution to undergrounding utilities on the site. Contributions from TOCC are shown as Intergovernmental funding. The County Executive exempts the 25% Housing Fund Initiative Fund contribution based on Section 11B-45(f) of the County Code. The purchase of the underground public parking garage using the sales proceeds from Lots 24 and 10 meets the waiver criteria under Section 11-45(f) of the County Code because the sales proceeds from Lots 24 and 10 will be used for a related purchase of real property - replacement parking for the parking lost on Lots 24 and 10. FY23 supplemental in G.O. Bonds for the amount of $400,000, Intergovernmental for the amount of $1,068,000.

Facility Planning Parking: Bethesda PLD, Maryland-National Capital Park and Planning Commission, Town of Chevy Chase.