748 homes will be built in Prince George with Amazon Housing Fund
PRINCE GEORGE COUNTY, MD — Nearly 750 residential units will be built near the New Carrollton and College Park subway stations, which will provide modern transit-oriented housing at below-market rates. Both initiatives are Metro’s first affordable housing developments to receive more than $2 billion in support.
In June 2021, Amazon made a $125 million commitment to support the development of affordable transit-oriented housing in subway stations with low-rate capital to accelerate the creation of more than 1,000 affordable housing so that middle to low income families in the National Capital Region can afford to live in communities with easy access to jobs, schools, health care, education and services. other amenities.
The 291-unit residential development in New Carrollton, called The Margaux, is part of a larger 2.3 million square foot mixed-use joint development partnership between Metro and Urban Atlantic, a property development company focused on mission and led by women. This is the fifth project to be announced on the site, which also includes office space, retail, additional housing and Metro’s new office building in Maryland, all anchored by a transportation hub. multimodal.
New Carrollton offers convenient access to Metrorail, Metrobus, Amtrak, Maryland Regional Commuter Rail, Prince George’s County TheBus, and the future Maryland Department of Transportation Maryland Transit Administration’s Purple Line. Amazon is providing $25.4 million in low-rate financing to Urban Atlantic to begin construction.
In College Park, Gilbane Development Company is developing Atworth College Park, a residential building with ground floor retail and 451 affordable housing units, reserved for tenants with incomes at or below 80% of the AMI, near from the College Park campus of the University of Maryland and nearby to the Discovery District. College Park offers convenient access to Metrorail, Metrobus, TheBuS, MARC and a future Purple Line MDOT station. Amazon is providing $56.3 million in low-rate financing to Gilbane Development Company to begin construction.
The level of affordability offered by The Margaux and Atworth College Park will be guaranteed for the duration of the property’s ground leases, 98 years, giving families much-needed financial certainty to build lives and careers close to public transit amenities. while reducing the need for and expense of owning a car. As rents increase in the area, these units will maintain their level of affordability. Both properties are expected to be completed by the end of 2023.
“Projects underway in New Carrollton and College Park are transforming vacant land and parking lots into vibrant mixed-use commercial and residential destinations generating more passengers and revenue for Metro, as well as new residents, businesses and tax revenue for our communities. local and state partners,” said Metro Chief Executive Officer/CEO Paul J. Wiedefeld. “Thanks to Metro’s industry-leading joint development initiatives and Amazon’s commitment to affordable housing, the The future is bright for smart growth near Metro and other transit options in Prince George’s County and throughout the region we serve.”
Units in The Margaux and Atworth College Park will be affordable for individuals and families in the labor force who earn less than 80% of the region’s median income. Examples of these types of employees are often teachers, law enforcement, emergency responders, hourly paid employees and others. These are residents who play a crucial role in the community, but who are not eligible for subsidies and whose salaries have not kept up with the increase in rents.
“The Amazon Housing Equity Fund is tackling the affordable housing crisis on multiple fronts and through innovative solutions, such as partnering with Metro, which brings people closer to more opportunity, service, and better quality of life,” Catherine Buell, director of the Amazon Housing Equity Fund, said. “We know that our investment in this region provides many economic opportunities for the people who live there, but we also recognize that this growth must benefit all members of the community. The progress we have made so far with the Amazon Housing Equity Fund are promising, but we have more to do.”