New Carrollton Metro Development
Master Developer of Massive Transit-Oriented
Mixed-Income Community
Layered Capital Investment
Emerging Market
Place Making
Challenge
As master planner, Urban Atlantic is transforming 49 transit-oriented acres into a mixed-use and mixed-income employment center and residential community. The public-private partnership engages the Washington Metropolitan Area Transit Authority (WMATA), Prince George’s County, the State of Maryland and development partner Brookfield (formerly Forest City) to create a new 2.5 million-square-foot Opportunity Zone-designated neighborhood. Ultimately, 1,500 residential units, 1.1 million square feet of offices, 150,000 square feet of retail and a 200-key hotel will be oriented around a bustling transit hub just outside the nation’s capital. The WMATA- and State of Maryland-owned site in New Carrollton, Maryland sits at the heart of a transportation hub that includes Metro (including its future light-rail Purple Line), Amtrak and MARC trains, the Capital Beltway and a major I-95 interchange. Urban Atlantic broke ground in 2017 on the first phase of a planned three-building office complex, delivering a 176,000-square-foot administrative building for anchor tenant Kaiser Permanente. The health care company relocated nearly 1,000 employees in 2019. WMATA will occupy fully the next office building adjacent to the New Carrollton station. An estimated 30-million train-rider views enhance the lure for high-profile enterprises to occupy an eventual 1.1 million square feet of office space. The first luxury apartment building - Stella, named for its location at a “star” crossroads - will deliver in 2021.
What We Are Doing
The New Carrollton development was designated as a federal Opportunity Zone (OZ) to spur economic development and job creation. The OZ designation provides tax benefits to investors and is complemented by a commitment from the State of Maryland to local jobs development. To kick off the residential component, Urban Atlantic secured more than $65 million in construction financing and OZ joint venture equity to build the luxury multi-family property Stella. Scheduled for completion in 2021, Stella presents 282 apartment homes, along with 3,500 square feet of retail and excellent indoor and outdoor amenity areas, including maker space, a community kitchen, swimming pool, indoor/outdoor fitness areas, bocce ball courts, and a Zen garden to this neighborhood. Built to LEED Silver standards, Stella is located 600 feet from the entrance to Metro, Amtrak and MARC trains. To date, other financing on the New Carrollton development includes PILOT (Payment in Lieu of Taxes) and New Markets Tax Credits (NMTC).
Vision Realized – Placemaking
Enhanced by a foundational commitment to the arts from Urban Atlantic, WMATA and Prince George’s County, the New Carrollton development will feature inspiring neighborhood additions that include public parks and plazas with spaces for recreation and connecting. Stella, for example, contributes to a true mixed-use, transit-oriented neighborhood with a green landscape and views that encompass an adjacent creek and nature preserve area. The Kaiser Permanente pocket park includes outdoor fitness equipment and ping pong and a bocce court is planned for the WMATA plaza. A range of interactive art elements are being planned in collaboration with local artists and WMATA’s art coordinator. Urban Atlantic is bringing together residential life, retail, beautiful design, parks and open spaces, scenic streetscapes and easy transit access for a vibrant new community experience in the heart of Prince George’s County.