WMAL Land Sale Proceeds to Become Clear
We should know soon how many luxury homes Toll Brothers wants to place on the soon-to-be former WMAL(AM) transmitter site.
In turn, that will tell Cumulus Media how much money it can expect to receive from the sale of the land in suburban Maryland.
Cumulus CEO Mary Berner said on the company’s fourth-quarter earnings call earlier this month how much money they get from the land sale depends on how many properties Toll Brothers is allowed to build. The amount could be up to $95 million, however Cumulus has been using $75 million in its modeling projections. They expect the deal to close in 2017.
Developer Toll Brothers plans to reveal its plan April 9 in a public hearing before applying for a permit from the county.
The Bethesda, Md. site is one of the few undeveloped parcels left in Montgomery County, Maryland by 1-270 and the Capital Beltway.
The developer plans to build at least 328 homes, plus streets and a dog park on the property, reports Bethesda Magazine. That’s because nearby residents have used the land like a park as the towers have been there for several decades.
Toll Brothers has hired a PR firm to meet with neighborhood groups.
Cumulus applied to the FCC to move the towers some 10 miles north to the WSPZ(AM) transmitter site in Germantown, Md. and plans to continue to use a four-tower array. WSPZ is Red Zebra’s sports station.