RAZ Development, referred to as “R.D.,”and its subsidiary, Al Lateef Properties, along with the Cumberland Economic Development Corporation have entered into a contract, governing RD’s acquisition and development of the former Memorial Hospital site. It will be developed into new market rate apartments, townhomes, and single-family homes. RD is a privately held real estate developer and asset manager located in Bethesda. They have teamed with local businessman Paul Kelly, Jr., to lead the Memorial Avenue development.