DC Radio: Cumulus Accepts Tower Property Bid

Two prominent home builders have reportedly purchased one of Bethesda, MD’s largest pieces of undeveloped real estate.

Maryland Newsletters, a bi-weekly real estate newsletter publication, is reporting that Cumulus Media has selected a partnership of Winchester Homes and Toll Brothers as the buyer of a 75-acre tract of land currently home to four radio towers near the I-270 spur.

The report did not list a purchase price.

The real estate firm CBRE advertised the property as an “extremely rare development opportunity” that could be developed into up to 300 homes on ¼-acre lots under current zoning in Montgomery County.

Local real estate experts estimated the property could be worth hundreds of millions.

Cumulus took control of the 90-year old station in 2011 when it purchased Citadel Broadcasting for $2.2 billion. Soon after, it started simulcasting the station’s programming on WVRX 105.9 FM, renaming it WMAL-FM.

A Cumulus spokesman said WMAL would lease transmission facilities somewhere else after the property is officially sold and shouldn’t be affected by the loss of the towers,