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Chevy Chase Neighborhood Hopes to Cash Out

A group of homeowners in Chevy Chase is courting developers—not the other way around.

The Washington Business Journal reported last week that the Sacks Neighborhood Council, which represents about 60 homeowners, is working with DC-based Monument Realty on “a proposal to buy their homes and rebuild the collective properties for a mixed-use development.”

Within walking distance of the Bethesda Metro stop and the popular Bethesda Row shops and restaurants, the neighborhood is anchored by Leland Street, Bradley Boulevard, and Wellington Drive in Chevy Chase. The council’s Web site says they formed because developers would rather deal with one group than 60 individual homeowers. However, according to the Washington Business Journal article, not all neighborhood residents belong to the council.

Monument Realty, whose portfolio includes The Watergate and the Ballston Point office tower, will begin negotiations next month.